Life Technologies near Key Resistance Area

Published on Wednesday, 21 December 2011 20:36 Written by Danny Miller

New York, December 21st (TradersHuddle.com) - Shares of Life Technologies Corporation (NASDAQ:LIFE) are trading very close to calculated resistance at $40.49 with the current price action closing at just $39.50 placing the stock near levels that make it difficult to buy.

Life Technologies Corporation (NASDAQ:LIFE) develops biotechnology tools for researchers. The Company offers a broad range of products and services, including systems, instruments, reagents, and custom services. its product portfolio includes technologies for capillary electrophoresis based sequencing, sequencing, mass spectrometry sample preparation, and cell culture.

Life Technologies' current stock range is defined by current calculated support defined at $38.00 and by the resistance level at $40.49, 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 Life Technologies, as the stock is well above support, however, as the stock pulls back towards $38.00 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 $40.49 then traders will get an opportunity to enter Life Technologies stock by establishing a position as the stock moves to a higher range.