More Upside for Regal-Beloit ?
Published on Friday, 21 September 2012 12:34 Written by TradersHuddle Wire
New York, September 21st (TradersHuddle.com) - Shares of Regal-Beloit Corporation (NYSE:RBC) booked a new 52 week high today by trading above $75, traders are definitely monitoring Regal-Beloit's price action to see if this move attracts further buying into the stock.
Regal-Beloit Corporation (NYSE:RBC) manufactures a line of mechanical products that control motion and torque and electrical products such as motors and generators. Its products include gearboxes, automotive transmissions, rotary cutting tools, electric motors, and electric generators. Regal-Beloit sells its products to distributors, original equipment manufacturers, and end users.
Regal-Beloit is currently trading -1.65% versus its previous trading session close, and it has calculated support and resistance at $66.49 and $71.91 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 0.23% from its previous trading close, which means that Regal-Beloit stock is underperforming the overall market.
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