Stericycle near Key Resistance Area

Published on Monday, 08 March 2010 20:32 Written by TradersHuddle Staff

New York, March 8th (TradersHuddle.com) - Shares of Stericycle, Inc. (NASDAQ:SRCL) are trading very close to calculated resistance at $56.50 with the current price action closing at just $54.68 placing the stock near levels that make it difficult to buy.

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 current stock range is defined by current calculated support defined at $50.62 and by the resistance level at $56.50, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Stericycle, as the stock is well above support, however, as the stock pulls back towards $50.62 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $56.50 then traders will get an opportunity to enter Stericycle stock by establishing a position as the stock moves to a higher range.