Buyers Stepping In - Pier 1 Imports

Published on Thursday, 02 September 2010 11:40 Written by Danny Miller

New York, September 2nd (TradersHuddle.com) - Unusual high volume detected on shares of Pier 1 Imports, Inc. (NYSE:PIR), early in the trading session. Pier 1 Imports is currently trading higher by 13.15%, so definitely the buyers stepping in, as the stock's volume is on pace to break its average.

Pier 1 Imports, Inc. (NYSE:PIR) retails decorative home furnishings, gifts, and related items. Pier 1 stores are located in throughout the United States. Additonally the company has locations internationally in Puerto Rico, Canada, the United Kingdom, and Mexico.

Pier 1 Imports has already traded 0.9 times its 3-month average volume, and has calculated support and resistance at $6.01 and $6.45 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 0.3% from its previous trading close, which means that Pier 1 Imports stock is outperforming the overall market.