Trade Alert - Millicom High Volume

Published on Monday, 20 August 2012 11:38 Written by TradersHuddle Wire

New York, August 20th (TradersHuddle.com) - Unusual high volume detected on shares of Millicom International Cellular S.A. (NYSE:MI) early in the trading session. The pace in volume of Millicom is already above average, with sellers in control, as the stock is 1.94% lower.

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 has already traded 1.695 times its 3-month average volume and has calculated support and resistance at $103.65 and $111.50 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 lower by -0.27% from its previous trading close, which means that Millicom stock is underperforming the overall market.