Downgrade Alert for Vale (VALE)
Vale (NASDAQ:VALE) was downgraded from Buy to Hold at Societe Generale today. The stock closed yesterday at $4.31 on volume of 53.7 million shares, above average daily volume of 37.5 million.
Vale SA produces and sells iron ore, pellets, manganese, alloys, gold, nickel, copper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in Brazil, where it owns and operates railroads and maritime terminals.
Over the past year, Vale has traded in a range of $2.13 to $9.14 and closed yesterday at $4.31, 102% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.7% while the 200-day MA has slid 0.2%.
Vale has overhead space with shares priced $4.31, or 20.2% below the average consensus analyst price target of $5.40. Vale shares should encounter resistance at the 50-day moving average (MA) of $4.48 and support at its 200-day MA of $4.10.
SmarTrend is monitoring the recent change of momentum in Vale. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Vale in search of a potential trend change.
Keywords: analyst upgrades/downgrades