Coventry Health Care Bulls in Charge

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

New York, October 12th (TradersHuddle.com) - Shares of Coventry Health Care, Inc. (NYSE:CVH) booked a new 52 week high today by trading above $43.41, traders are definitely monitoring Coventry's price action to see if this move attracts further buying into the stock.

Coventry Health Care, Inc. (NYSE:CVH) is a managed health care company operating health plans and insurance companies under a variety of names. The Company provides health maintenance organization, preferred provider organization, point of service, Medicare and Medicaid, and Network Rental to members in markets throughout the Midwest, Mid-Atlantic, and Southeast.

Coventry Health Care is currently trading 0.23% versus its previous trading session close, and it has calculated support and resistance at $31.69 and $42.29 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 Coventry Health Care stock is outperforming the overall market.