More Upside for Covidien ?

Published on Monday, 24 September 2012 12:34 Written by TradersHuddle Wire

New York, September 24th (TradersHuddle.com) - Shares of Covidien PLC (NYSE:COV) booked a new 52 week high today by trading above $59.84, traders are definitely monitoring Covidien's price action to see if this move attracts further buying into the stock.

Covidien PLC (NYSE:COV) is a global healthcare products company. The Company develops, manufactures and distributes a diverse range of medical devices and supplies, diagnostics imaging agents, pharmaceuticals and other healthcare products for use in clinical and home settings.

Covidien is currently trading 0.54% versus its previous trading session close, and it has calculated support and resistance at $54.39 and $59.78 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 lower by -0.33% from its previous trading close, which means that Covidien stock is outperforming the overall market.