Buyers Stepping In - Novellus Systems

Published on Tuesday, 20 December 2011 11:38 Written by Christian Paolinetti

New York, December 20th (TradersHuddle.com) - Unusual high volume detected on shares of Novellus Systems, Inc. (NASDAQ:NVLS), early in the trading session. Novellus Systems is currently trading higher by 3.65%, so definitely the buyers stepping in, as the stock's volume is on pace to break its average.

Novellus Systems, Inc. (NASDAQ:NVLS) manufactures, markets, and services equipment used in the fabrication of integrated circuits, commonly called chips or semiconductors. The Company also develops, manufactures, sells and supports grinding, lapping and polishing equipment for a broad spectrum of industrial applications.

Novellus Systems has already traded 0.978 times its 3-month average volume, and has calculated support and resistance at $34.59 and $42.50 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 2.57% from its previous trading close, which means that Novellus Systems stock is outperforming the overall market.