A 52 Week High for Omnicare, will it Hold?

Published on Tuesday, 20 December 2011 12:34 Written by TradersHuddle Staff

New York, December 20th (TradersHuddle.com) - Shares of Omnicare, Inc. (NYSE:OCR) booked a new 52 week high today by trading above $34.23, traders are definitely monitoring Omnicare's price action to see if this move attracts further buying into the stock.

Omnicare, Inc. (NYSE:OCR), based in Covington, Kentucky, is a leading provider of pharmaceutical care for the elderly. Omnicare serves residents in long-term care facilities, chronic care and other settings in 47 states, the District of Columbia and Canada. Omnicare is the largest U.S. provider of professional pharmacy, related consulting and data management services for skilled nursing, assisted living and other institutional healthcare providers as well as for hospice patients in homecare and other settings. Its pharmacy services also include distribution and patient assistance services for specialty pharmaceuticals. Omnicare also offers clinical research services for the pharmaceutical and biotechnology industries in 31 countries worldwide.

Omnicare is currently trading 3.84% versus its previous trading session close, and it has calculated support and resistance at $32.14 and $34.19 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 2.56% from its previous trading close, which means that Omnicare stock is outperforming the overall market.