A 52 Week High for Cabela's, will it Hold?

Published on Tuesday, 02 October 2012 12:34 Written by TradersHuddle Wire

New York, October 2nd (TradersHuddle.com) - Shares of Cabela's Incorporated (NYSE:CAB) booked a new 52 week high today by trading above $55.65, traders are definitely monitoring Cabela's price action to see if this move attracts further buying into the stock.

Cabela's Incorporated (NYSE:CAB) retails hunting, fishing, camping, and outdoor sports products and apparel. The Company markets its products through its retail stores, website, and catalog. Its retail stores also offer in-house clinics associated with hunting, fishing, and camping.

Cabela's is currently trading 0.66% versus its previous trading session close, and it has calculated support and resistance at $52.40 and $55.65 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 -0.1% from its previous trading close, which means that Cabela's stock is outperforming the overall market.