A 52 Week High for Altria, will it Hold?

Published on Thursday, 12 July 2012 13:34 Written by TradersHuddle Wire

New York, July 12th (TradersHuddle.com) - Shares of Altria Group, Inc. (NYSE:MO) booked a new 52 week high today by trading above $35.21, traders are definitely monitoring Altria's price action to see if this move attracts further buying into the stock.

Altria Group, Inc. (NYSE:MO), its a holding company, parent of Philip Morris USA, John Middleton, and US Smokeless Tobacco Company. Altria, through its subsidiaries, engages in the manufacture and sale of cigarettes, and other tobacco products in the United States and internationally. It primarily offers cigarettes under the Marlboro, Virginia Slims, and Parliament brands; smokeless tobacco products under the Copenhagen, Skoal, Red Seal, and Husky brands; and machine-made large cigars and pipe tobacco.

Altria is currently trading -0.42% versus its previous trading session close, and it has calculated support and resistance at $28.25 and $34.12 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 -0.35% from its previous trading close, which means that Altria stock is underperforming the overall market.