A 52 Week High for J. M. Smucker, will it Hold?

Published on Monday, 20 August 2012 12:34 Written by TradersHuddle Wire

New York, August 20th (TradersHuddle.com) - Shares of J. M. Smucker Company (NYSE:SJM) booked a new 52 week high today by trading above $84.1, traders are definitely monitoring J. M. Smucker's price action to see if this move attracts further buying into the stock.

The J. M. Smucker Company (NYSE:SJM) manufactures and markets food products. Its principal products include peanut butter, shortening and oils, fruit spreads, canned milk, baking mixes and ready-to-spread frostings, flour and baking ingredients, juices and beverages, frozen sandwiches, dessert toppings, syrups, pickles and condiments, and potato side dishes.

J. M. Smucker is currently trading 1.57% versus its previous trading session close, and it has calculated support and resistance at $74.32 and $81.97 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 lower by -0.14% from its previous trading close, which means that J. M. Smucker stock is outperforming the overall market.