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Next Support Level for Office Depot (ODP) is $3.88
Feb 25, 2013 (SmarTrend(R) News Watch via COMTEX) --
Shares of Office Depot (NYSE:ODP) opened today below their pivot of $4.22 and have already reached the first level of support at $4.04. Should the shares continue to fall, the support pivots of $3.88 and $3.54 will be of interest.
In the past 52 weeks, Office Depot share prices have been bracketed by a low of $1.51 and a high of $6.10 and are now at $4.00, 165% above that low price. The 200-day and 50-day moving averages have moved 1.29% higher and 2.10% higher over the past week, respectively.
There is potential upside of 9.1% for shares of Office Depot based on a current price of $4.00 and an average consensus analyst price target of $4.37. The stock should discover initial support at its 50-day moving average (MA) of $3.98 and subsequent support at its 200-day MA of $2.69.
SmarTrend is monitoring the recent change of momentum in Office Depot. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Office Depot in search of a potential trend change.
Write to Chip Brian at cbrian@mysmartrend.com
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