More Upside for American Tower ?

Published on Wednesday, 08 September 2010 12:34 Written by Christian Paolinetti

New York, September 8th (TradersHuddle.com) - Shares of American Tower Corporation (NYSE:AMT) booked a new 52 week high today by trading above $48.52, traders are definitely monitoring American Tower's price action to see if this move attracts further buying into the stock.

American Tower Corporation (NYSE:AMT) owns, operates, and develops wireless communications and broadcast towers in the United States. The Company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries. American Tower also offers a variety of network development services.

American Tower is currently trading 1.9% versus its previous trading session close, and it has calculated support and resistance at $45.78 and $48.33 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 0.88% from its previous trading close, which means that American Tower stock is outperforming the overall market.