Orbital Sciences Looking at the Abyss

Published on Monday, 21 May 2012 12:34 Written by TradersHuddle Wire

New York, May 21st (TradersHuddle.com) - Shares of Orbital Sciences Corporation (NYSE:ORB) booked a new 52 week low by trading below $10.83. Traders are definitely monitoring Orbital Sciences' price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Orbital Sciences Corporation (NYSE:ORB) manufactures small- and medium-class space and rocket systems. Orbital offers satellites, which include geosynchronous Earth orbit (GEO) satellites for communications and broadcasting, low Earth orbit (LEO) spacecraft that perform remote sensing and scientific research, spacecraft used for national security missions, and planetary probes to explore deep space. Its primarily products include launch vehicles rockets that transport satellites into orbit, interceptor booster vehicles deployed to protect against enemy missile attack, and target rockets used to test missile defense systems. In addition, Orbital provides full service engineering, production and technical services for NASA, DoD, commercial and academic space programs.

Orbital Sciences is currently trading 1.43% versus its previous trading session close, and it has calculated support and resistance at $11.54 and $12.28 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 higher by 1.18% from its previous trading close, which means that Orbital Sciences stock is outperforming the overall market.