UTI Worldwide Close to Support?

Published on Sunday, 11 December 2011 19:20 Written by TradersHuddle Staff

New York, December 11th (TradersHuddle.com) - Shares of UTI Worldwide Inc. (NASDAQ:UTIW) finished near calculated support at $13.48.

Current price action with, the international, non-asset-based supply chain services and solutions company closed at $13.58 has left shares at a level that needs to be monitored closely by traders wanting to start or add into a position in the stock.

UTI's current stock range is defined by current calculated support defined at $13.48 and by the resistance level at $15.64.

The area defined as calculated support, is where we expect for buyers to likely materialize, which could provide a lift to the shares. However, this area if breached will signal participants that the stock failed to entice buyers to step in an support the stock.

Traders wanting to establish a position should pay close attention to UTI'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 $15.64 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.