Forest Laboratories (FRX) Breaks Through Support at $34.91

Print Share

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.

---------------------------------------------------------------------------------------------

Financial News Network Online (FNNO) is a leading provider of digital financial news content for distribution on the web. You can count on FNNO to bring you the latest market news, earnings reports, analyst comments, economic data reports and more. Visit http://www.fnno.com today.

Copyright, Comtex News Network, Inc. 2012

Free Stock Analysis From Zacks

Includes Zacks Long-Term Recommendation and Target Price

Zacks Research is Reported On:

Zacks Investment Research

is an A+ Rated BBB

Accredited Business.