AVX Bears Firmly in Control

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

New York, June 25th (TradersHuddle.com) - Shares of AVX Corporation (NYSE:AVX) booked a new 52 week low by trading below $10.46. Traders are definitely monitoring AVX's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

AVX Corporation (NYSE:AVX) manufactures and supplies a variety of passive electronic components and related products. Its products include ceramic and tantalum capacitors which are used in many electronic products to store, filter, or regulate electric energy. AVX supplies original equipment manufacturers in various industries. As of January 18, 1990, AVX Corp. operates as a subsidiary of Kyocera Corporation.

AVX is currently trading -2.34% versus its previous trading session close, and it has calculated support and resistance at $10.52 and $11.05 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 AVX stock is underperforming the overall market.