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Upgrade Alert for PetroChina (PTR)

By Nick Russo

PetroChina (NYSE:PTR) was upgraded from Neutral to Outperform at Macquarie today. The stock closed yesterday at $65.68 on volume of 175,000 shares, above average daily volume of 162,000.

PetroChina (NYSE:PTR) has potential upside of 41.1% based on a current price of $65.68 and analysts' consensus price target of $92.66. The stock should find initial resistance at its 50-day moving average (MA) of $68.61 and further resistance at its 200-day MA of $72.66.

PetroChina Company Limited explores, develops, and produces crude oil and natural gas. The Company also refines, transports, and distributes crude oil and petroleum products, produces and sells chemicals, and transmits, markets and sells natural gas.

In the past 52 weeks, PetroChina share prices have been bracketed by a low of $52.30 and a high of $130.97 and closed yesterday at $65.68, 26% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has slid 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of PetroChina on August 22nd, 2016 by issuing a Downtrend alert when the shares were trading at $67.43. Since that call, shares of PetroChina have fallen 5.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades PetroChina

Ticker(s): PTR