Aug 29, 2011 (SmarTrend(R) Market Surveillance via COMTEX) -- Shares of Longwei Petroleum (AMEX:LPH) traded at a new 52-week low Friday of $1.08. Approximately 432,000 shares have traded hands Friday vs. average 30-day volume of 214,000 shares.
Longwei Petroleum closed at $1.09, approximately 27.3% below its 50-day moving average of $1.50. SmarTrend will be monitoring shares of LPH to see if this bearish momentum will continue.
In the last five trading sessions, the 50-day MA has fallen 1.15% while the 200-day MA has slid 2.28%.
In the past 52 weeks, shares of Longwei Petroleum have traded between a low of $1.10 and a high of $3.95 and are now at $1.09, which is 28% of that high price.
SmarTrend currently has shares of Longwei Petroleum in an Downtrend and issued the Downtrend alert on August 08, 2011 at $1.30. The stock has fallen 12.6% since the Downtrend alert was issued.
Write to Chip Brian at cbrian@mysmartrend.com
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Copyright, Comtex News Network, Inc. 2011
Source:zacks