New York, May 26th - Unusual high volume detected on shares of Vale SA, early in the trading session. Vale is currently trading higher by 5.34%, so definitely the buyers stepping in, as the stock's volume is on pace to break its average.
Companhia Vale do Rio Doce, through its subsidiaries, operates as a diversified metals and mining company worldwide. Vale produces and sells iron ore, pellets, manganese, alloys, gold, nickel, copper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in Brazil, where it owns and operates railroads and maritime terminals.
Vale has already traded 0.754 times its 3-month average volume, and has calculated support and resistance at $23.58 and $26.08 respectively. Traders like to use volume as their lie detector for price action moves through predefined trading ranges.
The overall market index S&P 500 is trading higher by 0.97% from its previous trading close, which means that Vale stock is outperforming the overall market.
