PPL Closing in to Support?

Published on Sunday, 11 December 2011 19:04 Written by TradersHuddle Staff

New York, December 11th (TradersHuddle.com) - Shares of PPL Corporation (NYSE:PPL) ended close to calculated support at $28.28 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.

PPL's current stock range is defined by current calculated support defined at $28.28 and by the resistance level at $30.11, 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 PPL 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 PPL'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 $30.11 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Shares of PPL Corporation closed at $29.07 in the previous trading session.

PPL Corporation (NYSE:PPL) is an energy and utility holding company. The Company, through its subsidiaries, generates electricity from power plants in the northeastern and western United States, and markets wholesale and retail energy primarily in the northeastern and western portions of the United States, and delivers electricity in Pennsylvania and the United Kingdom.