A 52 Week High for Novellus Systems, will it Hold?

Published on Monday, 21 June 2010 12:37 Written by TradersHuddle Staff

New York, June 21st (TradersHuddle.com) - Shares of Novellus Systems, Inc. (NASDAQ:NVLS) booked a new 52 week high today by trading above $28.67, traders are definitely monitoring Novellus's price action to see if this move attracts further buying into the stock.

Novellus Systems, Inc. (NASDAQ:NVLS) manufactures, markets, and services equipment used in the fabrication of integrated circuits, commonly called chips or semiconductors. The Company also develops, manufactures, sells and supports grinding, lapping and polishing equipment for a broad spectrum of industrial applications.

Novellus Systems is currently trading 0.28% versus its previous trading session close, and it has calculated support and resistance at $23.77 and $28.67 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading higher by 0.47% from its previous trading close, which means that Novellus Systems stock is underperforming the overall market.