Virgin Media @ Year Highs

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

New York, October 12th (TradersHuddle.com) - Shares of Virgin Media Inc. (NASDAQ:VMED) booked a new 52 week high today by trading above $31.09, traders are definitely monitoring Virgin Media's price action to see if this move attracts further buying into the stock.

Virgin Media Inc. (NASDAQ:VMED) conducts operations in the United Kingdom broadband communications and media sector. The Company provides cable television, cable telephony, and Internet access to residential customers, as well as voice, data, and managed solutions services for businesses. Virgin Media Inc. also supplies basic television channels to the UK television broadcasting market.

Virgin Media is currently trading 1.8% versus its previous trading session close, and it has calculated support and resistance at $29.05 and $31.03 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 -0.36% from its previous trading close, which means that Virgin Media stock is outperforming the overall market.