Stericycle Breaking Out?

Published on Tuesday, 02 March 2010 18:20 Written by Christian Paolinetti

New York, March 2nd (TradersHuddle.com) - Shares of Stericycle, Inc. (NASDAQ:SRCL) closed the trading session at $56.14 just above calculated resistance at $56.09 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

Stericycle, Inc. (NASDAQ:SRCL) provides regulated medical waste management services. The Company offers waste collection, transportation, treatment, and disposal to customers in the United States, Canada, Mexico, Argentina, Chile, the United Kingdom and Ireland.

Stericycle's stock was trading in a well defined range with support at $50.62 and resistance at $56.09, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that Stericycle's stock is still near the broken resistance level, traders will be focusing on $56.09 to see if the stock holds the breakout without rolling over.