Cooper Industries Breaking Out?

Published on Friday, 20 January 2012 05:32 Written by Christopher Lynn

New York, January 20th (TradersHuddle.com) - Shares of Cooper Industries PLC (NYSE:CBE) closed the trading session at $59.39 just above calculated resistance at $57.51 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

Cooper Industries PLC (NYSE:CBE) is a global, diversified electrical products and tools manufacturer based in Houston, Texas. Its products include electrical distribution equipment, wiring devices, support systems, hazardous duty electrical equipment, lighting fixtures, emergency lighting, fuses, nonpower hand tools and industrial power tools.

Cooper's stock was trading in a well defined range with support at $50.77 and resistance at $57.51, given that this range was broken traders will be closely monitoring the stock