Belden near Resistance

Published on Thursday, 22 December 2011 19:44 Written by Christian Paolinetti

New York, December 22nd (TradersHuddle.com) - Shares of Belden Inc. (NYSE:BDC) are trading very close to calculated resistance at $34.54 with the current price action closing at just $33.43 placing the stock near levels that make it difficult to buy.

Belden Inc. (NYSE:BDC) manufactures and markets specialty wire, cable and cord products for the electronics and electrical markets. The company provides signal transmission solutions for a wide range of markets, including data networking, industrial automation, professional audio and video, security and surveillance, aerospace and many other specialty electronics markets.

Belden's current stock range is defined by current calculated support defined at $31.28 and by the resistance level at $34.54, 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 Belden, as the stock is well above support, however, as the stock pulls back towards $31.28 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 $34.54 then traders will get an opportunity to enter Belden stock by establishing a position as the stock moves to a higher range.