Since 08/02/11 (SNP.)Published on Thu, 08/11/2011 - 05:00
By Adrienne Chilton in SNP, china petroleum & chemical, debt ceiling crisis, nyse:snp

On 08/02/11, the day the debt ceiling was raised, China Petroleum & Chemical (NYSE:SNP) reached a low of $96.19 and has since moved 13.5% lower to its most recent close of $83.21. During the same time period the Dow Jones Industrial Average has fallen 9.7% from 11,866 to 10,720 as of the last close.

Over the past year, China Petroleum & Chemical has traded in a range of $77.79 to $111.92 and is now at $83.21, 7% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.8%.

China Petroleum & Chemical (NYSE:SNP) has a potential upside of 40.9% based on a current price of $83.21 and analysts' consensus price target of $117.22. The stock should find initial resistance at its 50-day moving average (MA) of $96.74 and further resistance at its 200-day MA of $98.90.

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.

Source:Adrienne Chilton