Trade Alert - Allstate at New Highs

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

New York, August 7th (TradersHuddle.com) - Shares of The Allstate Corporation (NYSE:ALL) booked a new 52 week high today by trading above $37.4, traders are definitely monitoring Allstate's price action to see if this move attracts further buying into the stock.

Allstate Corporation (NYSE:ALL), through its subsidiaries, engages in the personal property and casualty insurance business, as well as in the life insurance, retirement, and investment products business in the United States and Canada. The Company primarily sells private passenger automobile and homeowners insurance through independent and specialized brokers. Allstate also sells life insurance, annuity, and group pension products through agents.

Allstate is currently trading 1.43% versus its previous trading session close, and it has calculated support and resistance at $33.35 and $37.00 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 Allstate stock is outperforming the overall market.