Hospira near Resistance

Published on Wednesday, 10 March 2010 07:12 Written by Danny Miller

New York, March 10th (TradersHuddle.com) - Shares of Hospira, Inc. (NYSE:HSP) are trading very close to calculated resistance at $54.25 with the current price action closing at just $53.53 placing the stock near levels that make it difficult to buy.

Hospira, Inc. (NYSE:HSP) is a global specialty pharmaceutical and medication delivery company. The Company's product portfolio includes generic acute-care and oncology injectables, as well as integrated infusion therapy and medication management systems.

Hospira's current stock range is defined by current calculated support defined at $47.48 and by the resistance level at $54.25, 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 Hospira, as the stock is well above support, however, as the stock pulls back towards $47.48 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 $54.25 then traders will get an opportunity to enter Hospira stock by establishing a position as the stock moves to a higher range.