Stocks falling to new 52 week lows on February 29 are Cellcom Israel Ltd, and EXCO Resources 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 Cellcom Israel Ltd. (CEL) traded higher by 0.37% or $0.05/share to $13.54. In the past year, the shares have traded as low as $13.49 and as high as $30.20. On average, 323710 shares of CEL exchange hands on a given day and today's volume is recorded at 111565. 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 $15.38 area but be careful because the stock may face selling pressure at this level.
Shares of EXCO Resources Inc. (XCO) remained unchanged at $6.81. In the past year, the shares have traded as low as $6.78 and as high as $20.85. On average, 4839120 shares of XCO exchange hands on a given day and today's volume is recorded at 1502292. 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 $8.41 area but be careful because the stock may face selling pressure at this level.
