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Upgrade Alert for Imperial Oil (IMO)

By David Diaz

Imperial Oil (AMEX:IMO) was upgraded from Sell to Hold at Canaccord Genuity today. The stock closed yesterday at $45.35 on volume of 315,000 shares, above average daily volume of 216,000.

Over the past year, Imperial Oil has traded in a range of $40.20 to $54.09 and closed yesterday at $45.35, 13% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

Imperial Oil Ltd. produces and refines natural gas and petroleum products and manufactures petrochemicals. The Company's oil and gas operations are concentrated in Canada.

There is potential upside of 8.4% for shares of Imperial Oil based on a current price of $45.35 and an average consensus analyst price target of $49.15. The stock should run into initial resistance at its 50-day moving average (MA) of $46.67 and subsequent resistance at its 200-day MA of $48.75.

SmarTrend is monitoring the recent change of momentum in Imperial Oil. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Imperial Oil in search of a potential trend change.

Keywords: analyst upgrades/downgrades amex:imo imperial oil

Ticker(s): IMO