Canadian Pacific Booked a New High

Published on Tuesday, 07 August 2012 12:34 Written by TradersHuddle Wire

New York, August 7th (TradersHuddle.com) - Shares of Canadian Pacific Railway Limited (NYSE:CP) booked a new 52 week high today by trading above $83.21, traders are definitely monitoring Canadian Pacific's price action to see if this move attracts further buying into the stock.

Canadian Pacific Railway Limited (NYSE:CP) is a Class 1 transcontinental railway, providing freight and intermodal services over a network in Canada and the United States. Its mainline network serves major Canadian ports and cities from Montreal to Vancouver, and key centers in the United States Midwest and Northeast.

Canadian Pacific is currently trading 1.88% versus its previous trading session close, and it has calculated support and resistance at $71.22 and $83.20 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 0.84% from its previous trading close, which means that Canadian Pacific stock is outperforming the overall market.