Meredith High Volume Day?

Published on Thursday, 29 July 2010 11:49 Written by Christopher Lynn

New York, July 29th (TradersHuddle.com) - Unusual high volume detected on shares of Meredith Corporation (NYSE:MDP), early in the trading session. Meredith is currently trading higher by 2.54%, so definitely the buyers stepping in, as the stock's volume is on pace to break its average.

Meredith Corporation (NYSE:MDP) is a diversified media company primarily focused on publishing and broadcasting. Its publishing segment includes magazine and book publishing, integrated marketing, interactive media, brand licensing, and other related operations. Meredith also operates network-affiliated television stations and markets and develops syndicated television programs. The Publishing segment publishes magazines for women focusing on the home and family market.

Meredith has already traded 0.86 times its 3-month average volume, and has calculated support and resistance at $29.91 and $32.48 respectively. Traders like to use volume as their lie detector for price action moves through predefined trading ranges.

The overall market index S&P 500 is trading lower by -0.37% from its previous trading close, which means that Meredith stock is outperforming the overall market.