Staples Bears Firmly in Control

Published on Tuesday, 28 August 2012 12:34 Written by TradersHuddle Wire

New York, August 28th (TradersHuddle.com) - Shares of Staples, Inc. (NASDAQ:SPLS) booked a new 52 week low by trading below $10.69. Traders are definitely monitoring Staples' price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Staples, Inc. (NASDAQ:SPLS) is an office supplies, furniture, and technology retailer. The Massachusetts based company serves its customers through office superstores, mail order catalogs, the Internet, and a contract business.

Staples is currently trading -0.09% versus its previous trading session close, and it has calculated support and resistance at $10.99 and $13.62 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 0.12% from its previous trading close, which means that Staples stock is underperforming the overall market.