PriceSmart @ Year Highs

Published on Thursday, 29 July 2010 11:36 Written by Danny Miller

New York, July 29th (TradersHuddle.com) - Shares of PriceSmart, Inc. (NASDAQ:PSMT) booked a new 52 week high today by trading above $27.91, traders are definitely monitoring PriceSmart's price action to see if this move attracts further buying into the stock.

PriceSmart, Inc. (NASDAQ:PSMT) is the largest operator of membership warehouse clubs in Central America and the Caribbean. The company owns and licenses membership warehouse stores using the trade name PriceSmart. Its warehouse clubs sell consumer goods and perishable foods at low prices to individuals and businesses, as well as offers ancillary services, which include food courts, tire centers, and photo centers. PriceSmart was founded in 1994 and is headquartered in San Diego, California.

PriceSmart is currently trading -1.37% versus its previous trading session close, and it has calculated support and resistance at $22.59 and $25.7 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 -0.37% from its previous trading close, which means that PriceSmart stock is underperforming the overall market.