High Above Average Volume on McClatchy

Published on Tuesday, 07 February 2012 11:38 Written by TradersHuddle Wire

New York, February 7th (TradersHuddle.com) - Unusual high volume detected on shares of McClatchy Company (NYSE:MNI), early in the trading session. McClatchy is currently trading higher by 16.07%, so definitely the buyers stepping in, as the stock's volume is already above average.

The McClatchy Company (NYSE:MNI) publishes daily and non-daily newspapers across the United States. The Company also owns and operates other media-related businesses, including a national online publishing operation, as well as a national newspaper marketing company.

McClatchy has already traded 1.017 times its 3-month average volume, and has calculated support and resistance at $2.33 and $2.47 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 0.13% from its previous trading close, which means that McClatchy stock is outperforming the overall market.