High Above Average Volume on Novartis

Published on Friday, 17 August 2012 11:38 Written by TradersHuddle Wire

New York, August 17th (TradersHuddle.com) - Unusual high volume detected on shares of Novartis AG (NYSE:NVS) early in the trading session. The pace in volume of Novartis points to a break above average, with sellers in control, as the stock is 1.02% lower.

Novartis AG (NYSE:NVS) manufactures pharmaceutical and consumer healthcare products. The Company produces branded and generic pharmaceuticals for a number of uses like cardiovascular, respiratory and infectious diseases. The Basel, Switzerland based company also offers over the counter vision and animal health products.

Novartis has already traded 0.889 times its 3-month average volume and has calculated support and resistance at $55.10 and $59.55 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.

The overall market index S&P 500 is trading flat by -0% from its previous trading close, which means that Novartis stock is underperforming the overall market.