More Downside for Millicom ?

Published on Friday, 17 August 2012 12:34 Written by TradersHuddle Wire

micc New York, August 17th (TradersHuddle.com) - Shares of Millicom International Cellular S.A. (NYSE:MI) booked a new 52 week low by trading below $76.17. Traders are definitely monitoring Millicom's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Millicom International Cellular S.A. (NASDAQ:MICC) develops and operates cellular telephone systems worldwide. The Company has interests in cellular systems primarily in emerging markets in Asia, Latin America, Europe, and Africa.

Millicom is currently trading 2.56% versus its previous trading session close, and it has calculated support and resistance at $103.65 and $111.50 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 flat by 0% from its previous trading close, which means that Millicom stock is outperforming the overall market.

Note - Automated Content Created By TradersHuddle's Technical Scanner

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