Sinopec Shanghai Petrochemical Company Limited (SHI) Can’t Burn Your Long Portfolio. Just Reaches 52-Week High

May 17, 2018 - By Eva Godbolt

The stock of Sinopec Shanghai Petrochemical Company Limited (NYSE:SHI) hit a new 52-week high and has $73.77 target or 7.00 % above today’s $68.94 share price. The 6 months bullish chart indicates low risk for the $8.04 billion company. The 1-year high was reported on May, 17 by Barchart.com. If the $73.77 price target is reached, the company will be worth $563.01 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock.

The stock decreased 2.16% or $1.52 during the last trading session, reaching $68.94. About 20,171 shares traded. Sinopec Shanghai Petrochemical Company Limited (NYSE:SHI) has risen 7.42% since May 17, 2017 and is uptrending. It has underperformed by 4.13% the S&P500.

Sinopec Shanghai Petrochemical Company Limited, together with its subsidiaries, makes and sells petrochemical products in the People's Republic of China. The company has market cap of $8.04 billion. The firm operates through five divisions: Synthetic Fibres, Resins and Plastics, Intermediate Petrochemicals, Petroleum Products, and Trading of Petrochemical Products. It has a 7.66 P/E ratio. The Synthetic Fibres segment produces polyester, acrylic fibers, and carbon fibers, which are primarily used in the textile and apparel industries.

Sinopec Shanghai Petrochemical Company Limited (NYSE:SHI) Ratings Chart

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