Vodafone Booked a New High

Published on Friday, 03 August 2012 12:34 Written by TradersHuddle Wire

New York, August 3rd (TradersHuddle.com) - Shares of Vodafone Group Plc (NASDAQ:VOD) booked a new 52 week high today by trading above $29.57, traders are definitely monitoring Vodafone's price action to see if this move attracts further buying into the stock.

Vodafone Group Plc (NASDAQ:VOD) provides a range of mobile telecommunications services, including voice and data communications. Vodafone is the largest mobile telecommunication network company, based on revenue. It currently has operations in 31 countries and partner networks in a further 40 countries. In the United States they are a partner with Verizon in wireless operator, Verizon Wireless.

Vodafone is currently trading 1.64% versus its previous trading session close, and it has calculated support and resistance at $27.47 and $29.57 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 Vodafone stock is underperforming the overall market.