Assurant near Resistance

Published on Tuesday, 16 March 2010 08:32 Written by TradersHuddle Staff

New York, March 16th (TradersHuddle.com) - Shares of Assurant, Inc. (NYSE:AIZ) are trading very close to calculated resistance at $33.27 with the current price action closing at just $32.62 placing the stock near levels that make it difficult to buy.

Assurant, Inc. (NYSE:AIZ) provides specialized insurance and insurance-related products. The insurer offers individual and small employer group health insurance, group dental insurance, pre-funded funeral insurance, group disability and life insurance, creditor-placed homeowners insurance, manufactured housing homeowners insurance, debt protection administration, credit insurance, and warranties.

Assurant's current stock range is defined by current calculated support defined at $29.08 and by the resistance level at $33.27, 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 Assurant, as the stock is well above support, however, as the stock pulls back towards $29.08 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 $33.27 then traders will get an opportunity to enter Assurant stock by establishing a position as the stock moves to a higher range.