Molycorp (MCP) Shares Can't Hold Above $22 Level After Strong Move Higher
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Shares of Molycorp (NYSE: MCP) gave up a portion of Tuesday's gains over just the last hour of trade despite an equities market which moved higher into the close. After trading up as much as 6.7 percent to $22.55 earlier, the stock closed up 2.9 percent to $21.76.
Molycorp shares have been rangebound since falling below the $25 level in mid-May. The stock saw some relief in the middle of June amid rumors Chinese regulators may tighten regulations on rare-earth producers, however the price seems to be stubbornly sticking below the $22 level. Several times since the beginning of June, this level has been an area of resistance for technical traders.
Elsewhere in the rare-earth sector, shares of Avalon Rare Metals (AMEX: AVL) closed up 5.4 percent to $1.55 and shares of Rare Element Resources (NYSE: REE) closed up 0.4 percent to $5.04.
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Molycorp shares have been rangebound since falling below the $25 level in mid-May. The stock saw some relief in the middle of June amid rumors Chinese regulators may tighten regulations on rare-earth producers, however the price seems to be stubbornly sticking below the $22 level. Several times since the beginning of June, this level has been an area of resistance for technical traders.
Elsewhere in the rare-earth sector, shares of Avalon Rare Metals (AMEX: AVL) closed up 5.4 percent to $1.55 and shares of Rare Element Resources (NYSE: REE) closed up 0.4 percent to $5.04.
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