A 52 Week High for Madison Square Garden, will it Hold?

Published on Friday, 04 May 2012 13:34 Written by TradersHuddle Wire

New York, May 4th (TradersHuddle.com) - Shares of Madison Square Garden, Inc. (NASDAQ:MSG) booked a new 52 week high today by trading above $36.6, traders are definitely monitoring Madison Square Garden's price action to see if this move attracts further buying into the stock.

Madison Square Garden, Inc. (NASDAQ:MSG) is a fully-integrated sports, entertainment and media company comprised of dynamic and powerful brands. The company operates thru three business segments: MSG Sports, MSG Entertainment and MSG Media, which are built on a foundation of iconic venues and compelling content, including live sports and entertainment events. MSG Sports include ownership and operation of sports franchises including teh New York Knicks, Rangers, Liberty and the Hartford Wolf Pack. The Knicks, Rangers, and Liberty play their home games at Madison Square Garden, the most famous arena in the world. MSG Entretainment is the business in charge of event prodcution and entretainment marketing, while MSG MEdia is a leader in production and content development for multiple platforms, including MSG and Fuse Networks.

Madison Square Garden is currently trading 3.23% versus its previous trading session close, and it has calculated support and resistance at $31.64 and $34.65 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 -1.57% from its previous trading close, which means that Madison Square Garden stock is outperforming the overall market.