Trade Alert - Nexen at New Lows

Published on Tuesday, 24 August 2010 11:37 Written by Christian Paolinetti

New York, August 24th (TradersHuddle.com) - Shares of Nexen Inc. (NYSE:NXY) booked a new 52 week low by trading below $18.68, traders are definitely monitoring Nexen's price action to see if this move attracts further selling, or it this last push down sets a tradable bottom in the stock.

Nexen Inc. (NYSE:NXY), operates as an energy company and explores for, develops, produces and markets crude oil, natural gas and power. Its oil and gas exploration and development activities are conducted in the North Sea, Canada, Gulf of Mexico, offshore West Africa, and Yemen. Nexen is headquartered in Calgary, Canada.

Nexen is currently trading -2.19% versus its previous trading session close, and it has calculated support and resistance at $18.86 and $21.45 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 -1.03% from its previous trading close, which means that Nexen stock is underperforming the overall market.