Novartis AG (NYSE: NVS) NewsBite - NVS Hits 52-Week High

Monday, August 04, 2008 10:31 AM EDT

Novartis AG (NYSE: NVS) hit a new 52-Week high of $60.78 so far today. Currently the stock is up $1.40 (2.36%) to $60.70 on 736,909 shares traded. Today's high is up $14.51 from a 52-Week Low of $46.19. Novartis AG stock has been showing support around $57.85 and resistance in the $60.53 range. Technical indicators for the stock are neutral and S&P gives NVS a neutral 3 STARS (out of 5) hold ranking. Novartis announced this morning the Food and Drug Administration approved the drugs Diovan HCT and Exforge as initial treatments for high blood pressure. The company added that high blood pressure affects about 73 million adult Americans and one in four adults worldwide. If you are looking for a hedged play on NVS the stock seems like it could be a candidate for a September out-of-the-money bull-put credit spread below the 55 range. [ABR-Seven Summits Strategic Investments NewsBite]

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