Ameriprise near Key Resistance Area

Published on Wednesday, 10 March 2010 08:32 Written by Christian Paolinetti

New York, March 10th (TradersHuddle.com) - Shares of Ameriprise Financial, Inc. (NYSE:AMP) are trading very close to calculated resistance at $43.13 with the current price action closing at just $42.80 placing the stock near levels that make it difficult to buy.

Ameriprise Financial, Inc. (NYSE:AMP) provides financial planning, products and services that are designed to be utilized as solutions for its clients' cash and liquidity, asset accumulation, income, protection, and estate and wealth transfer needs. The company is headquartered in Minneapolis, Minnesota and operates independently of American Express Company as of September 30, 2005.

Ameriprise's current stock range is defined by current calculated support defined at $36.14 and by the resistance level at $43.13, 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 Ameriprise, as the stock is well above support, however, as the stock pulls back towards $36.14 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 $43.13 then traders will get an opportunity to enter Ameriprise stock by establishing a position as the stock moves to a higher range.