Cracker Barrel Bulls in Charge

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

New York, August 8th (TradersHuddle.com) - Shares of Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) booked a new 52 week high today by trading above $64.33, traders are definitely monitoring Cracker Barrel's price action to see if this move attracts further buying into the stock.

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) owns and operates restaurants and gift shops throughout the United States. The restaurant chain specializes in country style dining and sells gifts and souvenirs in its stores with locations thorughout the U.S., mainly close to main highways.

Cracker Barrel is currently trading 1.28% versus its previous trading session close, and it has calculated support and resistance at $59.82 and $63.97 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 Cracker Barrel stock is outperforming the overall market.