Trading Idea - Nexen Broke Resistance, What to Expect?

Published on Monday, 02 January 2012 19:24 Written by Christian Paolinetti

New York, January 2nd (TradersHuddle.com) - Shares of Nexen Inc. (NYSE:NXY) closed the trading session at $15.91 just above calculated resistance at $15.81 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

Nexen Inc. (NYSE:NXY), operates as an energy company and explores for, develops, produces and markets crude oil, natural gas and power. Its oil and gas exploration and development activities are conducted in the North Sea, Canada, Gulf of Mexico, offshore West Africa, and Yemen. Nexen is headquartered in Calgary, Canada.

Nexen's stock was trading in a well defined range with support at $13.63 and resistance at $15.81, given that this range was broken traders will be closely monitoring the stock