More Downside for FLIR Systems ?

Published on Friday, 18 May 2012 12:34 Written by TradersHuddle Wire

New York, May 18th (TradersHuddle.com) - Shares of FLIR Systems, Inc. (NASDAQ:FLIR) booked a new 52 week low by trading below $20.86. 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 0.19% versus its previous trading session close, and it has calculated support and resistance at $21.32 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 -0.1% from its previous trading close, which means that FLIR Systems stock is outperforming the overall market.