May 14, 2013 (Unusual volume via COMTEX) -- The price of Molycorp shares has climbed to $7.18 (a 1.4% change) on heavy trading volume. Approximately 13.5 million shares have changed hands today vs. average 30-day volume of 7.6 million shares. Spikes in volume can validate a breakout or signify a potential turning point.
Molycorp (NYSE:MCP) has potential upside of 125.8% based on a current price of $7.18 and analysts' consensus price target of $16.21. Molycorp shares should encounter resistance at the 200-day moving average (MA) of $8.95 and support at the 50-day MA of $5.68.
Molycorp, Inc. produces rare earth products, including oxides, metals, alloys and magnets for a variety of applications including clean energy technologies, technology, and defense applications.
In the past 52 weeks, Molycorp share prices have been bracketed by a low of $4.70 and a high of $25.92 and are now at $7.18, 53% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.9% while the 50-day MA has advanced 0.6%.
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