High Above Average Volume on AutoNation

Published on Thursday, 02 February 2012 11:38 Written by TradersHuddle Staff

New York, February 2nd (TradersHuddle.com) - Unusual high volume detected on shares of AutoNation, Inc. (NYSE:AN), early in the trading session. AutoNation is currently trading higher by 1.43%, so definitely the buyers stepping in, as the stock's volume is on pace to break its average.

AutoNation, Inc. (NYSE:AN) retails, finances, and services new and used vehicles. The Company also provides other related services and products, such as the sale of parts and accessories, extended service contracts, aftermarket automotive products, and collision repair services.

AutoNation has already traded 0.79 times its 3-month average volume, and has calculated support and resistance at $35.54 and $38.27 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 0.23% from its previous trading close, which means that AutoNation stock is outperforming the overall market.