Is Apollo Breaking Out?

Published on Friday, 05 March 2010 18:40 Written by Danny Miller

New York, March 5th (TradersHuddle.com) - Shares of Apollo Group, Inc. (NASDAQ:APOL) closed the trading session at $62.39 just above calculated resistance at $60.31 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

Apollo Group, Inc. (NASDAQ:APOL) provides higher education programs mainly for working adults. The Company provides educational programs and services at the high school, undergraduate, and graduate levels online and on-campus through subsidiaries.

Apollo's stock was trading in a well defined range with support at $55.25 and resistance at $60.31, 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 Apollo's stock is still near the broken resistance level, traders will be focusing on $60.31 to see if the stock holds the breakout without rolling over.