High Above Average Volume on ONEOK

Published on Friday, 25 May 2012 11:38 Written by TradersHuddle Wire

New York, May 25th (TradersHuddle.com) - Unusual high volume detected on shares of ONEOK, Inc. (NYSE:OKE) early in the trading session. The pace in volume of ONEOK is already above average, with buyers stepping in, as the stock is 1.03% higher.

ONEOK, Inc. (NYSE:OKE) operates as a natural gas distributor primarily in the United States. The company operates in three segments: ONEOK Partners, Distribution, and Energy Services. The ONEOK Partners segment engages in gathering, processing, fractionating, transporting, storing, and marketing natural gas and natural gas liquids (NGL). The Distribution segment provides natural gas distribution services to residential, commercial, industrial, and transportation customers, as well as public authority customers. And the Energy Services segment delivers physical natural gas products and risk management services through its network of contracted transportation and storage capacity, and natural gas supply.

ONEOK has already traded 1.052 times its 3-month average volume and has calculated support and resistance at $81.10 and $87.73 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.

The overall market index S&P 500 is trading higher by 0.19% from its previous trading close, which means that ONEOK stock is outperforming the overall market.