Ferro @ Year Lows

Published on Wednesday, 23 November 2011 12:34 Written by Christopher Lynn

New York, November 23rd (TradersHuddle.com) - Shares of Ferro Corporation (NYSE:FOE) booked a new 52 week low by trading below $5.21, traders are definitely monitoring Ferro's price action to see if this move attracts further selling, or it this last push down sets a tradable bottom in the stock.

Ferro Corporation (NYSE:FOE) produces performance materials for industry. The Company produces a variety of coatings, colors, ceramics, chemicals, plastics, and related products. Its primary markets are building and renovation, major appliances, household furnishings, transportation, industrial products, packaging, and leisure products.

Ferro is currently trading -5.87% versus its previous trading session close, and it has calculated support and resistance at $6.43 and $7.36 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 -1.66% from its previous trading close, which means that Ferro stock is underperforming the overall market.