S&P US Downgrade Crisis in Retrospect, China Petroleum & Chemical Up 7.58% Since 08/08/11 (SNP)

   Date:2011/08/25     Source:

Published on Wed, 08/24/2011 - 04:59
By Peter Chu in Fast Lane, SNP, china petroleum & chemical, credit, nyse:snp, rating downgrade crisis, s&p, us

On 08/08/11, the first market day after the US credit rating fell, China Petroleum & Chemical (SNP.) reached a low of $84.67 and has since moved 7.6% higher to its most recent close of $91.09. Over the same time period the Dow Jones Industrial Average has risen 3.4% from 10,810 to 11,177 as of the last close.

China Petroleum & Chemical (RCode::SNP:) has a potential upside of 28.7% based on a current price of $91.09 and analysts' consensus price target of $117.22. China Petroleum & Chemical shares should first meet with resistance at the 50-day moving average (MA) of $94.77 and find additional resistance at the 200-day MA of $98.37.

In the past 52 weeks, shares of China Petroleum & Chemical have traded between a low of $77.79 and a high of $111.92 and are now at $91.09, which is 17% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.6%.

China Petroleum and Chemical Corporation (Sinopec) explores for and produces crude oil and natural gas in China. The Company also owns refineries that make petroleum and petrochemical products such as gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and chemical fertilizers. In addition, Sinopec trades petrochemical products.

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