LSI Bears Firmly in Control

Published on Tuesday, 17 July 2012 12:34 Written by TradersHuddle Wire

New York, July 17th (TradersHuddle.com) - Shares of LSI Corporation (NYSE:LSI) booked a new 52 week low by trading below $20.4. Traders are definitely monitoring LSI's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

LSI Corporation (NYSE:LSI) develops, manufactures, and markets integrated circuits and storage systems. The Company offers products and services for a variety of electronic systems applications that are marketed to original equipment manufacturers in the networking, telecommunications and wireless, computers, consumer products, and storage industries.

LSI is currently trading -2.58% versus its previous trading session close, and it has calculated support and resistance at $5.95 and $6.66 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 higher by 0.45% from its previous trading close, which means that LSI stock is underperforming the overall market.