Walgreen near Support

Published on Monday, 15 March 2010 08:40 Written by Christopher Lynn

New York, March 15th (TradersHuddle.com) - Shares of Walgreen Company (NYSE:WAG) are trading very close to calculated support at $33.44 with current price action closing at just $33.93 places the stock price near levels where traders will start paying attention.

Walgreen Company (NYSE:WAG) operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general merchandise. The Company operates stores throughout the United States. the company also offers health services, including primary and acute care, wellness, pharmacy and disease management services.

Walgreen's current stock range is defined by current calculated support defined at $33.44 and by the resistance level at $36.13, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Walgreen's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $36.13 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.