US Credit Rating Slash Precedes 9.93% Gain in Shares of Sinopec Shanghai Petrochemical (SHI)

   Date:2011/08/25     Source:

Published on Wed, 08/24/2011 - 05:02
By Adrienne Chilton in Fast Lane, SHI, credit, nyse:shi, rating downgrade crisis, s&p, sinopec shanghai petrochemical, us

Sinopec Shanghai Petrochemical (SHI.), which bottomed out at $33.22 on 08/08/11, the first market day after Standard & Poor's cut the US credit rating, has since risen 9.9% to its most recent close of $36.52. During the same time period the Dow Jones Industrial Average has risen 3.4% from 10,810 to 11,177 as of the last close.

Based on a current price of $36.52, Sinopec Shanghai Petrochemical is currently 100.0% above its average consensus analyst price target of $0.00. The stock should find initial resistance at its 50-day moving average (MA) of $41.04 and further resistance at its 200-day MA of $49.04.

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

Over the past year, Sinopec Shanghai Petrochemical has traded in a range of $32.24 to $63.05 and is now at $36.52, 13% above that low. The 200-day and 50-day moving averages have moved 0.4% lower and 1.08% lower over the past week, respectively.

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