More Upside for ITT ?

Published on Thursday, 12 January 2012 12:34 Written by Danny Miller

New York, January 12th (TradersHuddle.com) - Shares of ITT Corporation (NYSE:ITT) booked a new 52 week high today by trading above $21.69, traders are definitely monitoring ITT's price action to see if this move attracts further buying into the stock.

ITT Corporation (NYSE:ITT) designs and manufactures a variety of engineered products. The Company produces pumps, systems, and services to measure and control water and other fluids. ITT also supplies military defense systems, including night vision devices, secure communication systems, and avionics, in addition to providing electrical interconnects, and data storage and PC cards.

ITT is currently trading 2.43% versus its previous trading session close, and it has calculated support and resistance at $18.77 and $20.22 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 -0.09% from its previous trading close, which means that ITT stock is outperforming the overall market.