Novo Nordisk Bulls in Charge
Published on Friday, 03 August 2012 12:34 Written by TradersHuddle Wire
New York, August 3rd (TradersHuddle.com) - Shares of Novo Nordisk A/S (NYSE:NVO) booked a new 52 week high today by trading above $155.46, traders are definitely monitoring Novo Nordisk's price action to see if this move attracts further buying into the stock.
Novo Nordisk A/S (NYSE:NVO) develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. The Denmakr based company also offers biopharmaceutical products in the areas of haemophilia, growth hormone therapy, hormone replacement therapy, and inflammation.
Novo Nordisk is currently trading 2.76% versus its previous trading session close, and it has calculated support and resistance at $129.41 and $155.46 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 2.09% from its previous trading close, which means that Novo Nordisk stock is outperforming the overall market.
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