Watson Pharmaceuticals Bearish Moving Average Crossover Alert (WPI)

Watson Pharmaceuticals (NYSE:WPI) crossed under its 10-day moving average of $60.95 on a volume of 319K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.Watson Pharmaceuticals share prices have moved between a 52-week high of $73.35 and a 52-week low of $50.47 and are now trading 20% above that low price at $60.43 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.Potential upside of 26.6% exists for Watson Pharmaceuticals, based on a current level of $60.43 and analysts' average consensus price target of $76.53. The stock should find initial resistance at its 200-day moving average (MA) of $64.19 and further resistance at its 50-day MA of $64.71.Watson Pharmaceuticals, Inc. develops, manufactures, and sells generic and brand name pharmaceutical products. The Company's core focus is specialty products, nephrology, urology, and generic products.