New York, September 16th (TradersHuddle.com) - Shares of Timken Company (NYSE:TKR) booked a new 52 week high today by trading above $37.33, traders are definitely monitoring Timken's price action to see if this move attracts further buying into the stock.
The Timken Company (NYSE:TKR) manufactures and distributes anti-friction roller bearings and specialty alloy steels. Its products are used in general industry and in a wide variety of products, including passenger cars, machine tools, farm and construction equipment, and rolling mills, and other products.
Timken is currently trading -0.85% versus its previous trading session close, and it has calculated support and resistance at $31.47 and $35.96 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 -0.32% from its previous trading close, which means that Timken stock is underperforming the overall market.
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