More Downside for NII Holdings ?

Published on Friday, 06 July 2012 12:34 Written by TradersHuddle Wire

New York, July 6th (TradersHuddle.com) - Shares of NII Holdings, Inc. (NASDAQ:NIHD) booked a new 52 week low by trading below $9.91. Traders are definitely monitoring NII Holdings' price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

NII Holdings, Inc. (NASDAQ:NIHD), through its subsidiaries, provides wireless communication services to businesses and individuals primarily in Mexico, Brazil, Argentina, Peru, and Chile. Its services include mobile telephone services comprising various calling features, such as speakerphone, conference calling, voice-mail, call forwarding, and additional line service; and Nextel Direct Connect service.

NII Holdings is currently trading -4.17% versus its previous trading session close, and it has calculated support and resistance at $9.95 and $10.70 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 -1.32% from its previous trading close, which means that NII Holdings stock is underperforming the overall market.