Covanta @ Year Highs

Published on Thursday, 16 August 2012 12:34 Written by TradersHuddle Wire

New York, August 16th (TradersHuddle.com) - Shares of Covanta Holding Corporation (NYSE:CVA) booked a new 52 week high today by trading above $17.56, traders are definitely monitoring Covanta's price action to see if this move attracts further buying into the stock.

Covanta Holding Corporation (NYSE:CVA) has operations in waste disposal, energy services, and specialty insurance. The Company also owns and operates waste-to-energy and power generation projects. Covanta's waste-to-energy facilities convert municipal solid waste into renewable energy for communities primarily in the United States.

Covanta is currently trading 0.8% versus its previous trading session close, and it has calculated support and resistance at $16.27 and $17.32 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 0.56% from its previous trading close, which means that Covanta stock is outperforming the overall market.