Imation 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 Imation Corp. (NYSE:IMN) early in the trading session. The pace in volume of Imation points to a break above average, with buyers stepping in, as the stock is 0.68% higher.

Imation Corp. (NYSE:IMN) develops, manufactures, and markets a wide variety of products for removable data storage applications. Its products are sold around the world to the enterprise data centers, the network server environments, and the consumers market.

Imation has already traded 0.827 times its 3-month average volume and has calculated support and resistance at $5.48 and $5.89 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 Imation stock is outperforming the overall market.