Scripps Networks Booked a New High

Published on Wednesday, 08 August 2012 12:34 Written by TradersHuddle Wire

New York, August 8th (TradersHuddle.com) - Shares of Scripps Networks Interactive (NYSE:SNI) booked a new 52 week high today by trading above $58.84, traders are definitely monitoring Scripps Networks' price action to see if this move attracts further buying into the stock.

Scripps Networks Interactive (NYSE:SNI) is a leading developer of lifestyle-oriented content for television and the Internet, where on-air programming complements online video, social media areas and e-commerce components on companion Web sites and broadband vertical channels. Its media portfolio includes Lifestyle Media, which comprises popular lifestyle television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and country music network Great American Country; and Interactive Services, with leading online search and comparison shopping services bizrate, Shopzilla and beso.

Scripps Networks is currently trading 0.38% versus its previous trading session close, and it has calculated support and resistance at $51.63 and $55.40 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 0.14% from its previous trading close, which means that Scripps Networks stock is outperforming the overall market.