Gildan Bulls in Charge

Published on Friday, 19 October 2012 12:34 Written by TradersHuddle Wire

New York, October 19th (TradersHuddle.com) - Shares of Gildan Activewear Inc. (NYSE:GIL) booked a new 52 week high today by trading above $34.66, traders are definitely monitoring Gildan's price action to see if this move attracts further buying into the stock.

Gildan Activewear Inc. (NYSE:GIL) is a vertically-integrated marketer and manufacturer of quality branded basic apparel. Its main focus is activewear, selling it principally in the wholesale imprinted activewear segment of the North American apparel market. Gildan sells cotton T-shirts, placket collar golf shirts, tank tops, and sweatshirts. The Company is also a leading supplier of private label and Gildan branded socks primarily sold to mass-market retailers.

Gildan is currently trading -0.29% versus its previous trading session close, and it has calculated support and resistance at $30.51 and $34.66 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 -1.32% from its previous trading close, which means that Gildan stock is outperforming the overall market.