PetSmart Above Average Volume

Published on Thursday, 19 August 2010 11:43 Written by Christian Paolinetti

New York, August 19th (TradersHuddle.com) - Unusual high volume detected on shares of PetSmart, Inc. (NASDAQ:PETM), early in the trading session. PetSmart is currently trading higher by 7.4%, so definitely the buyers stepping in, as the stock's volume is already above average.

PetSmart, Inc. (NASDAQ:PETM) is a specialty retailer of products and services for pets. The Company operates pet superstores in the United States and Canada and provides pet food and supplies, and offers full-service veterinary, grooming and pet training services.

PetSmart has already traded 1.858 times its 3-month average volume, and has calculated support and resistance at $28.88 and $30.62 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 -1.53% from its previous trading close, which means that PetSmart stock is outperforming the overall market.