SPDR S&P Pharmaceuticals Moving Above Resistance

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SPDR S&P Pharmaceuticals Moving Above Resistance

Published on Friday, 03 February 2012 09:00 Written by Christian Paolinetti

xph New York, February 3rd (TradersHuddle.com) - Shares of SPDR S&P Pharmaceuticals ETF (NYSE:XPH) closed the trading session at $53.26 just above calculated resistance at $51.85 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

SPDR S&P Pharmaceuticals ETF (NYSE:XPH) seeks to replicate the performance of the S&P Pharmaceuticals Select Industry Index. The Index represents the pharmaceuticals sub-industry portion of the S&P Total Stock Market Index. The Fund generally invests all, but at least 95%, of its total assets in the shares of companies comprising the Index.

SPDR S&P Pharmaceuticals' stock was trading in a well defined range with support at $46.01 and resistance at $51.85, given that this range was broken traders will be closely monitoring the stock

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