Elbit Systems High Volume Day?

Published on Wednesday, 29 August 2012 11:38 Written by TradersHuddle Wire

New York, August 29th (TradersHuddle.com) - Unusual high volume detected on shares of Elbit Systems Ltd. (NASDAQ:ESLT) early in the trading session. The pace in volume of Elbit Systems points to a break above average, with buyers stepping in, as the stock is 2.94% higher.

Elbit Systems Ltd. (NASDAQ:ESLT) is an international defense electronics company engaged in a wide range of programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance, unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios. The Company also focuses on the upgrading of existing military platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services.

Elbit Systems has already traded 0.796 times its 3-month average volume and has calculated support and resistance at $29.79 and $34.32 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 -0.09% from its previous trading close, which means that Elbit Systems stock is outperforming the overall market.