W. R. Berkley Closing in to Support?

Published on Monday, 28 November 2011 22:40 Written by Christopher Lynn

New York, November 28th (TradersHuddle.com) - Shares of W. R. Berkley Corporation (NYSE:WRB) ended close to calculated support at $32.32 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.

W. R. Berkley's current stock range is defined by current calculated support defined at $32.32 and by the resistance level at $35.72, which could be used as a reference by traders planning their trades. The area defined as calculated support, is where buying might materialize, which could provide a lift to shares of W. R. Berkley Corporation. However, this area if breached will signal participants that the stock failed to entice buyers to step in and support the stock.

Traders wanting to establish a position should pay close attention to W. R. Berkley'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 $35.72 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Shares of W. R. Berkley Corporation closed at $33.06 in the previous trading session.

W. R. Berkley Corporation (NYSE:WRB) is an insurance holding company that conducts operations in various segments of the property casualty insurance business. Segments include specialty lines of insurance, alternative markets, reinsurance, and regional property casualty insurance