Trading Idea - NYSE Euronext Broke Resistance, What to Expect?

Published on Wednesday, 10 March 2010 07:04 Written by Christopher Lynn

New York, March 10th (TradersHuddle.com) - Shares of NYSE Euronext (NYSE:NYX) closed the trading session at $28.62 just above calculated resistance at $27.87 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

NYSE Euronext (NYSE:NYX) operates an international stock exchange. The Company operates a marketplace for equities and derivatives in Belgium, France, the Netherlands and Portugal, derivatives in the United Kingdom, and equities and other securities in the United States.

NYSE Euronext's stock was trading in a well defined range with support at $22.30 and resistance at $27.87, 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 NYSE Euronext's stock is still near the broken resistance level, traders will be focusing on $27.87 to see if the stock holds the breakout without rolling over.