Watch for Continued Gains in Shares of McMoRan Exploration (MMR)
McMoRan Exploration (NYSE:MMR) traded at a new 52-week high today of $16.13. So far today approximately 440,000 shares have been exchanged, as compared to an average 30-day volume of 9.4 million shares.
McMoRan Exploration Co. explores for and produces oil and gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area.
Potential upside of 0.5% exists for McMoRan Exploration, based on a current level of $15.99 and analysts' average consensus price target of $16.07. The stock should discover initial support at its 50-day moving average (MA) of $12.94 and subsequent support at its 200-day MA of $11.70.
McMoRan Exploration share prices have moved between a 52-week high of $16.13 and a 52-week low of $7.25 and are now trading 121% above that low price at $15.99 per share. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 2.6%.
SmarTrend recommended that subscribers consider buying shares of McMoRan Exploration on December 5th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.49. Since that recommendation, shares of McMoRan Exploration have risen 10.8%. We continue to monitor MMR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: 52 week high/lows mcmoran exploration