More Upside for Lorillard ?

Published on Wednesday, 22 February 2012 12:34 Written by TradersHuddle Wire

New York, February 22nd (TradersHuddle.com) - Shares of Lorillard, Inc. (NYSE:LO) booked a new 52 week high today by trading above $127.68, traders are definitely monitoring Lorillard's price action to see if this move attracts further buying into the stock.

Lorillard, Inc. (NYSE:LO) manufactures and sells cigarettes. The Company produces cigarettes for both the premium and discount segments of the domestic cigarette market for sale to distributors and retailers in the United States. The company offers 44 different product offerings under the Newport, Kent, True, Maverick, Old Gold, and Max brands. The company is based in Greensboro, North Carolina.

Lorillard is currently trading 0.34% versus its previous trading session close, and it has calculated support and resistance at $106.83 and $127.68 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 -0.42% from its previous trading close, which means that Lorillard stock is outperforming the overall market.