IMAX near Key Support Area

Published on Tuesday, 20 December 2011 09:04 Written by Christian Paolinetti

New York, December 20th (TradersHuddle.com) - Shares of Imax Corporation (NASDAQ:IMAX) are trading very close to calculated support at $18.94 with current price action closing at just $19.66 places the stock price near levels where traders will start paying attention.

IMAX's current stock range is defined by current calculated support defined at $18.94 and by the resistance level at $21.84, which should be used by traders planning their trades. These support and resistance levels are based on an algorithm of peaks and troughs of the stock price action.

Traders wanting to establish a position should place close attention to IMAX'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 $21.84 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Imax Corporation (NASDAQ:IMAX) specializes in motion picture technologies and large-format film presentations. The company designs and manufactures projection and sound systems for large-screen theaters and designs custom attractions, including motion simulation theaters, for both large-scale attractions and smaller venues.