A 52 Week Low for Tiffany

Published on Thursday, 31 May 2012 12:34 Written by TradersHuddle Wire

New York, May 31st (TradersHuddle.com) - Shares of Tiffany & Co. (NYSE:TIF) booked a new 52 week low by trading below $55.75. Traders are definitely monitoring Tiffany's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Tiffany & Co. (NYSE:TIF) designs and manufactures its fine jewelry and operates luxury and specialty retail stores. The Company retails its products through stores and boutiques, Internet and catalogs. The company also offers TIFFANY & CO. brand merchandise.

Tiffany is currently trading -2.66% versus its previous trading session close, and it has calculated support and resistance at $55.75 and $69.77 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 -0.26% from its previous trading close, which means that Tiffany stock is underperforming the overall market.