Progress Energy (PGN) NewsBite - Trading With Unusual Volume

Thursday, January 08, 2009 3:24 PM EDT

Progress Energy (PGN) appears to be trading at a higher than usual volume today and is now at $37.59, up $0.13 (0.35%) on volume of 8,028,220 shares traded. For the last 30 days PGN has traded 1,641,930 shares on average each day. So far today's volume is 388.95% above that average volume. Over the last 52 weeks the stock has ranged from a low of $32.60 to a high of $49.01. Progress Energy stock has been showing support around $37.47 and resistance in the $38.89 range. Technical indicators for the stock are bullish and S&P gives PGN a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on PGN the stock seems like it could be a candidate for a February out-of-the-money bull-put credit spread below the 35 range. [ABR-Seven Summits Strategic Investments NewsBite]

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