Trade Alert - Actuant at New Highs

Published on Wednesday, 21 March 2012 11:34 Written by TradersHuddle Wire

New York, March 21st (TradersHuddle.com) - Shares of Actuant Corporation (NYSE:ATU) booked a new 52 week high today by trading above $29.49, traders are definitely monitoring Actuant's price action to see if this move attracts further buying into the stock.

Actuant Corporation (NYSE:ATU) is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic and electrical tools and supplies; specialized products and services for energy related industries and highly engineered position and motion control systems. The Company was founded in 1910 and is headquartered in Butler, Wisconsin.

Actuant is currently trading 1.4% versus its previous trading session close, and it has calculated support and resistance at $27.07 and $29.49 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 -0.25% from its previous trading close, which means that Actuant stock is outperforming the overall market.