SCANA Close to the 50 Day

Published on Thursday, 05 January 2012 19:40 Written by TradersHuddle Staff

New York, January 5th (TradersHuddle.com) - Shares of SCANA Corporation (NYSE:SCG) closed the trading day at $43.94 close to its 50 day moving average currently set at $42.93. SCANA's price action is just above this important support level translating into a trading opportunity.

SCANA Corporation (NYSE:SCG) is a holding company involved in regulated electric and natural gas utility operations, telecommunications, and other energy-related businesses. The Company serves electric customers in South Carolina and natural gas customers in South Carolina, North Carolina, and Georgia.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $40.51 and calculated resistance at $45.58. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on SCANA will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.