More Downside for FLIR Systems ?

Published on Tuesday, 08 May 2012 11:34 Written by TradersHuddle Wire

flir New York, May 8th (TradersHuddle.com) - Shares of FLIR Systems, Inc. (NASDAQ:FLIR) booked a new 52 week low by trading below $21.4. Traders are definitely monitoring FLIR's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

FLIR Systems, Inc. (NASDAQ:FLIR) designs, manufactures, and markets thermal imaging and broadcast camera systems for a variety of applications in the commercial and government markets.

FLIR Systems is currently trading -0.78% versus its previous trading session close, and it has calculated support and resistance at $21.86 and $26.65 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 -1.4% from its previous trading close, which means that FLIR Systems stock is outperforming the overall market.

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