Belden Moving Above Resistance

Published on Tuesday, 24 January 2012 05:24 Written by Danny Miller

New York, January 24th (TradersHuddle.com) - Shares of Belden Inc. (NYSE:BDC) closed the trading session at $38.48 just above calculated resistance at $38.12 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

Belden Inc. (NYSE:BDC) manufactures and markets specialty wire, cable and cord products for the electronics and electrical markets. The company provides signal transmission solutions for a wide range of markets, including data networking, industrial automation, professional audio and video, security and surveillance, aerospace and many other specialty electronics markets.

Belden's stock was trading in a well defined range with support at $31.28 and resistance at $38.12, given that this range was broken traders will be closely monitoring the stock