Shire Looking at the Abyss

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

New York, October 12th (TradersHuddle.com) - Shares of Shire PLC (NASDAQ:SHPGY) booked a new 52 week low by trading below $80.09. Traders are definitely monitoring Shire's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Shire PLC (NASDAQ:SHPGY) is one of the leading specialty biopharmaceutical companies in the world. The companybased in Dublin, Ireland focuses its operations on attention deficit and hyperactivity disorders, human genetic therapies, gastrointestinal, and renal diseases.

Shire is currently trading 1.41% versus its previous trading session close, and it has calculated support and resistance at $80.09 and $87.78 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 -0.36% from its previous trading close, which means that Shire stock is outperforming the overall market.