Stocks falling to new 52 week lows on June 7 are OfficeMax Incorporated, LONE PINE RESOURCES INC, SinoTech Energy Limited, Golden Star Resources, Ltd, and DreamWorks Animation SKG Inc. Investors are selling the stock and pushing it lower because they may think that these stocks were overvalued. This could be caused by earnings not meeting expectations, investor speculation, or a fall in market growth.
Shares of OfficeMax Incorporated (OMX) fell by 4.58% or $-0.32/share to $6.66. In the past year, the shares have traded as low as $6.95 and as high as $19.20. On average, 2509910 shares of OMX exchange hands on a given day and today's volume is recorded at 2740223. The shares are currently trading below the 200-day moving average which indicates that the shares have been suffering from downward momentum lately. The stock may bounce higher to test the 200-day moving average, so look for a move up to the $14.17 area where the stock may encounter resistance.
Shares of LONE PINE RESOURCES INC. (LPR) fell by 0.81% or $-0.10/share to $12.2. In the past year, the shares have traded as low as $12.25 and as high as $13.09. On average, 429420 shares of LPR exchange hands on a given day and today's volume is recorded at 229450. The shares are currently trading below the 50-day and 200-day moving averages which indicates that the shares have been experiencing downward momentum. The stock may bounce back to test the 200-day moving average. Thus, you may want to pay close attention for a move up to the $12.65 area but be careful because the stock may face selling pressure at this level.
Shares of SinoTech Energy Limited (CTE) fell by 5.32% or $-0.25/share to $4.45. In the past year, the shares have traded as low as $4.55 and as high as $9.00. On average, 144590 shares of CTE exchange hands on a given day and today's volume is recorded at 49720. The shares are currently trading below the 200-day moving average which indicates that the shares have been suffering from downward momentum lately. The stock may bounce higher to test the 200-day moving average, so look for a move up to the $6.89 area where the stock may encounter resistance.
Shares of Golden Star Resources, Ltd. (GSS) fell by 1.99% or $-0.05/share to $2.46. In the past year, the shares have traded as low as $2.51 and as high as $6.01. On average, 3380570 shares of GSS exchange hands on a given day and today's volume is recorded at 1867668. The shares are currently trading below the 200-day moving average which indicates that the shares have been suffering from downward momentum lately. The stock may bounce higher to test the 200-day moving average, so look for a move up to the $3.97 area where the stock may encounter resistance.
Shares of DreamWorks Animation SKG Inc. (DWA) fell by 2.01% or $-0.45/share to $21.92. In the past year, the shares have traded as low as $22.22 and as high as $37.74. On average, 1008310 shares of DWA exchange hands on a given day and today's volume is recorded at 740665. The shares are currently trading below the 200-day moving average which indicates that the shares have been suffering from downward momentum lately. The stock may bounce higher to test the 200-day moving average, so look for a move up to the $29.34 area where the stock may encounter resistance.
