More Downside for Joy Global ?

Published on Monday, 25 June 2012 13:34 Written by TradersHuddle Wire

joy New York, June 25th (TradersHuddle.com) - Shares of Joy Global Inc. (NYSE:JOYG) booked a new 52 week low by trading below $53.25. Traders are definitely monitoring Joy Global's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Joy Global Inc. (NYSE:JOYG) manufactures and markets underground mining equipment and surface mining equipment. The company offers high-productivity mining solutions and its equipment is used for the extraction of ores and minerals.

Joy Global is currently trading -3.56% versus its previous trading session close, and it has calculated support and resistance at $54.41 and $58.50 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 -1.76% from its previous trading close, which means that Joy Global stock is underperforming the overall market.

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