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Forest Laboratories (FRX) Breaks Through Support at $34.91

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Dec 27, 2012 (Pivot alerts via COMTEX) -- Forest Laboratories (NYSE:FRX) has opened bearishly below the pivot of $35.13 today and has reached the first level of support at $34.91. Analysts will be watching for a cross of the next downside pivot targets of $34.67 and $34.21.

Over the past year, Forest Laboratories has traded in a range of $30.01 to $37.70 and is now at $35.01, 17% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Forest Laboratories (NYSE:FRX) has potential upside of 6.4% based on a current price of $35.01 and analysts' consensus price target of $37.25. The stock should discover initial support at its 50-day moving average (MA) of $34.56 and subsequent support at its 200-day MA of $34.54.

Forest Laboratories, Inc. develops, manufactures, and sells both branded and generic forms of ethical products which require a physician's prescription. The Company also manufactures non-prescription pharmaceutical products sold over-the-counter, which are used for the treatment of a wide range of illnesses. Forest's products are marketed in the United States and eastern Europe.

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