Quantum Above Average Volume

Published on Monday, 23 July 2012 11:38 Written by TradersHuddle Wire

New York, July 23rd (TradersHuddle.com) - Unusual high volume detected on shares of Quantum Corporation (NYSE:QTM) early in the trading session. The pace in volume of Quantum is already above average, with sellers in control, as the stock is 4.48% lower.

Quantum Corporation (NYSE:QTM) is a global storage company specializing in backup, recovery and archive solutions. From small businesses to multinational enterprises, more than 50,000 customers use its solutions to solve their data protection, retention and management challenges. The best-of-breed, open systems solutions provide storage efficiencies by minimizing risk and protecting prior investments. They include three scalable platforms: DXi-Series disk-based deduplication and replication systems for fast backup and restore, Scalar tape automation products for disaster recovery and long-term data retention, and StorNext data management software for file sharing and archiving.

Quantum has already traded 1.16 times its 3-month average volume and has calculated support and resistance at $1.20 and $1.39 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 lower by -1.43% from its previous trading close, which means that Quantum stock is underperforming the overall market.