A 52 Week Low for Vale

Published on Wednesday, 25 July 2012 11:34 Written by TradersHuddle Wire

New York, July 25th (TradersHuddle.com) - Shares of Vale SA (NYSE:VALE) booked a new 52 week low by trading below $17.41. Traders are definitely monitoring Vale's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Companhia Vale do Rio Doce (NYSE:VALE), through its subsidiaries, operates as a diversified metals and mining company worldwide. Vale produces and sells iron ore, pellets, manganese, alloys, gold, nickel, copper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in Brazil, where it owns and operates railroads and maritime terminals.

Vale is currently trading -2.34% versus its previous trading session close, and it has calculated support and resistance at $19.00 and $20.72 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 flat by 0% from its previous trading close, which means that Vale stock is underperforming the overall market.