A 52 Week High for Dominion Resources, will it Hold?

Published on Friday, 15 June 2012 12:34 Written by TradersHuddle Wire

New York, June 15th (TradersHuddle.com) - Shares of Dominion Resources, Inc. (NYSE:D) booked a new 52 week high today by trading above $53.68, traders are definitely monitoring Dominion's price action to see if this move attracts further buying into the stock.

Dominion Resources, Inc. (NYSE:D) is a diversified utility holding company that generates, transmits, distributes, and sells electricity in Virginia and northeastern North Carolina. The Company also produces, transports, distributes, and markets natural gas to customers in the Northeast and Mid-Atlantic regions of the United States.

Dominion Resources is currently trading 0.16% versus its previous trading session close, and it has calculated support and resistance at $50.03 and $53.68 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 0.49% from its previous trading close, which means that Dominion Resources stock is underperforming the overall market.