More Upside for Kraft ?

Published on Friday, 31 August 2012 12:34 Written by TradersHuddle Wire

New York, August 31st (TradersHuddle.com) - Shares of Kraft Foods Inc. (NASDAQ:KFT) booked a new 52 week high today by trading above $39.99, traders are definitely monitoring Kraft's price action to see if this move attracts further buying into the stock.

Kraft Foods Inc. (NASDAQ:KFT) is a food and beverage company. The Company manufactures and markets packaged food products, including snacks, beverages, cheese, and various packaged food products. Kraft sells products like Velveeta cheese, Maxwell coffee, Oreo cookies, and Oscar Mayer hot dogs throughout the world. The company was founded in 2000 and is based in Northfield, Illinois. Kraft operates independently of Altria Group Inc. as of March 30, 2007.

Kraft is currently trading 0.78% versus its previous trading session close, and it has calculated support and resistance at $31.88 and $39.32 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 0.37% from its previous trading close, which means that Kraft stock is outperforming the overall market.