More Upside for Brown-Forman ?

Published on Wednesday, 21 July 2010 11:34 Written by Christian Paolinetti

New York, July 21st (TradersHuddle.com) - Shares of Brown-Forman Corporation (NYSE:BF.B) booked a new 52 week high today by trading above $62.56, traders are definitely monitoring Brown-Forman's price action to see if this move attracts further buying into the stock.

Brown-Forman Corporation (NYSE:BF.B) manufactures, bottles, imports, exports, and markets alcoholic beverage. It offers consumer beverage alcohol products, including Tennessee, Canadian, and Kentucky whiskeys; Kentucky bourbon; tequila; vodka; liqueurs; California sparkling wine; table wine; and ready-to-drink products. The company provides its products under mnay brands, including Jack Daniel's Tennessee Whiskey, Herradura Tequila, Finlandia Vodka, Sonoma-Cutrer Wines, el Jimador Tequila, and Woodford Reserve Bourbon. and Fetzer Wines band names. Brown-Forman sell its products worldwide and is based in Louisville, Kentucky.

Brown-Forman is currently trading -0.22% versus its previous trading session close, and it has calculated support and resistance at $56.21 and $62.06 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 lower by -0.32% from its previous trading close, which means that Brown-Forman stock is outperforming the overall market.