Buyers Stepping In - Tiffany

Published on Friday, 29 June 2012 11:38 Written by TradersHuddle Wire

New York, June 29th (TradersHuddle.com) - Unusual high volume detected on shares of Tiffany & Co. (NYSE:TIF) early in the trading session. The pace in volume of Tiffany is already above average, with buyers stepping in, as the stock is 1.55% higher.

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 has already traded 1.188 times its 3-month average volume and has calculated support and resistance at $49.72 and $57.29 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 1.92% from its previous trading close, which means that Tiffany stock is underperforming the overall market.