More Upside for Lincoln Electric ?

Published on Monday, 06 February 2012 12:34 Written by Christopher Lynn

New York, February 6th (TradersHuddle.com) - Shares of Lincoln Electric Holdings, Inc. (NASDAQ:LECO) booked a new 52 week high today by trading above $45.59, traders are definitely monitoring Lincoln Electric's price action to see if this move attracts further buying into the stock.

Lincoln Electric Holdings, Inc. (NASDAQ:LECO) designs and manufactures welding and cutting products. The Company's products include arc welding power sources, wire feeding systems, robotic welding packages, fume extraction equipment, consumable electrodes, fluxes, and regulators and torches used in oxy-fuel welding and cutting.

Lincoln Electric is currently trading 0.44% versus its previous trading session close, and it has calculated support and resistance at $36.20 and $42.74 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 -0.24% from its previous trading close, which means that Lincoln Electric stock is outperforming the overall market.