More Upside for HCP ?

Published on Thursday, 02 September 2010 12:38 Written by TradersHuddle Staff

New York, September 2nd (TradersHuddle.com) - Shares of HCP, Inc. (NYSE:HCP) booked a new 52 week high today by trading above $36.86, traders are definitely monitoring HCP's price action to see if this move attracts further buying into the stock.

HCP, Inc. (NYSE:HCP) is a real estate investment trust. The Trust invests in health care related real estate throughout the United States. HCP's properties include senior housing, life sciences, medical offices, hospitals, and skilled nursing homes.

HCP is currently trading 0.62% versus its previous trading session close, and it has calculated support and resistance at $33.37 and $35.89 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 higher by 0.51% from its previous trading close, which means that HCP stock is outperforming the overall market.