Novell Closing in to Support

Published on Friday, 26 February 2010 05:50 Written by Christian Paolinetti

New York, Feb 26^th (TradersHuddle.com) - Shares of Novell, Inc. (NASDAQ:NOVL) are trading very close to calculated support at $4.6 with current price action closing at just $4.81 places the stock price near levels where traders will start paying attention.

Novell, Inc. (NASDAQ:NOVL) provides network and Internet directory software and services. The Company's Internet solutions integrate a range of computer platforms, applications, services, and devices. Novell offers developer, education, consulting, and technical support programs.

Novell's current stock range is defined by current calculated support defined at $4.6 and by the resistance level at $5.05, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Novell's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $5.05 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.