AGL Resources Looking at the Abyss

Published on Tuesday, 04 September 2012 12:34 Written by TradersHuddle Wire

New York, September 4th (TradersHuddle.com) - Shares of AGL Resources Inc. (NYSE:AGL) booked a new 52 week low by trading below $34.08. Traders are definitely monitoring AGL Resources' price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

AGL Resources Inc. (NYSE:AGL) primarily sells and distributes natural gas to customers in Georgia and southeastern Tennesse, and with its merger with Nicor it will now distribute gas in Illinois. The Company also holds interests in other energy-related businesses, including natural gas and electricity marketing, wholesale and retail propane sales, gas supply services, and consumer products.

AGL Resources is currently trading -1.61% versus its previous trading session close, and it has calculated support and resistance at $38.40 and $41.52 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 flat by 0% from its previous trading close, which means that AGL Resources stock is underperforming the overall market.