Saks - Above Average Volume Detected

Published on Wednesday, 01 September 2010 11:54 Written by Christian Paolinetti

New York, September 1st (TradersHuddle.com) - Unusual high volume detected on shares of Saks, Inc. (NYSE:SKS), early in the trading session. Saks is currently trading lower by 2.15%, so definitely the sellers in control, as the stock's volume is on pace to break its average.

Saks, Inc. (NYSE:SKS) operates department stores in the United States under Saks Fifth Avenue and Saks Fifth Avenue OFF 5TH (OFF 5th) brand names. The stores offer a wide variety of branded and private label merchandise including luxury apparel, shoes, accessories, cosmetics, and decorative home furnishings.

Saks has already traded 0.99 times its 3-month average volume, and has calculated support and resistance at $6.60 and $8.05 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 higher by 2.71% from its previous trading close, which means that Saks stock is underperforming the overall market.