On 08/02/11, the day the debt ceiling was raised, Sinopec Shanghai Petrochemical (NYSE:SHI) reached a low of $40.36 and has since moved 20.1% lower to its most recent close of $32.24. Over the same time period the Dow Jones Industrial Average dropped 9.7% from 11,866 to 10,720 as of the last close.

Sinopec Shanghai Petrochemical (NYSE:SHI) is currently priced 100.0% above its average consensus analyst price target of $0.00. The stock should run into initial resistance at its 50-day moving average (MA) of $42.68 and subsequent resistance at its 200-day MA of $49.55.

In the past 52 weeks, shares of Sinopec Shanghai Petrochemical have traded between a low of $32.24 and a high of $63.05 and are now at $32.24, which is 0% above that low price. The 200-day and 50-day moving averages have moved 0.37% lower and 1.68% lower over the past week, respectively.

Sinopec Shanghai Petrochemical Co., Ltd. processes crude oil into a broad range of synthetic fibers, resins and plastics, intermediate petrochemical products and petroleum products.

Source:Peter Chu