Benchmark Electronics near Resistance
Published on Monday, 02 January 2012 20:00 Written by Danny Miller
New York, January 2nd (TradersHuddle.com) - Shares of Benchmark Electronics, Inc. (NYSE:BHE) are trading very close to calculated resistance at $14.08 with the current price action closing at just $13.47 placing the stock near levels that make it difficult to buy.
Benchmark Electronics, Inc. (NYSE:BHE) provides contract electronics manufacturing and design services. The Company serves original equipment manufacturers of medical devices, industrial control equipment, testing and instrumentation products, and telecommunications equipment. Benchmark also offers product design, printed circuit board layout, prototyping and test development services.
Benchmark's current stock range is defined by current calculated support defined at $12.45 and by the resistance level at $14.08, 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 Benchmark Electronics, as the stock is well above support, however, as the stock pulls back towards $12.45 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 $14.08 then traders will get an opportunity to enter Benchmark Electronics stock by establishing a position as the stock moves to a higher range.