Stocks falling to new 52 week lows on May 16 are Patriot Coal Corporation, Millennial Media Inc, China Unicom (Hong Kong) Limited, Gafisa S.A, and Partner Communications Company Ltd. 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 Patriot Coal Corporation (PCX) fell by 3.3% or $-0.13/share to $3.81. In the past year, the shares have traded as low as $3.88 and as high as $24.98. On average, 7291500 shares of PCX exchange hands on a given day and today's volume is recorded at 6532194. 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 $6.08 area but be careful because the stock may face selling pressure at this level.
Shares of Millennial Media Inc. (MM) fell by 6.42% or $-0.86/share to $12.54. In the past year, the shares have traded as low as $13.18 and as high as $27.90. On average, 1188580 shares of MM exchange hands on a given day and today's volume is recorded at 363929. 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 $18.61 area but be careful because the stock may face selling pressure at this level.
Shares of China Unicom (Hong Kong) Limited (CHU) fell by 4.18% or $-0.67/share to $15.36. In the past year, the shares have traded as low as $16.01 and as high as $22.50. On average, 1063340 shares of CHU exchange hands on a given day and today's volume is recorded at 1121831. 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 $17.10 area but be careful because the stock may face selling pressure at this level.
Shares of Gafisa S.A. (GFA) fell by 5.07% or $-0.17/share to $3.18. In the past year, the shares have traded as low as $3.33 and as high as $11.08. On average, 2627450 shares of GFA exchange hands on a given day and today's volume is recorded at 2618089. 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 $4.61 area but be careful because the stock may face selling pressure at this level.
Shares of Partner Communications Company Ltd. (PTNR) fell by 5.63% or $-0.33/share to $5.53. In the past year, the shares have traded as low as $5.70 and as high as $17.52. On average, 151410 shares of PTNR exchange hands on a given day and today's volume is recorded at 144611. 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 $7.31 area but be careful because the stock may face selling pressure at this level.
