Wisconsin Energy Closing in to Resistance

Published on Thursday, 12 January 2012 19:32 Written by TradersHuddle Staff

New York, January 12th (TradersHuddle.com) - Shares of Wisconsin Energy Corporation (NYSE:WEC) are trading very close to calculated resistance at $35.38 with the current price action closing at just $34.34 placing the stock near levels that make it difficult to buy.

Wisconsin Energy Corporation (NYSE:WEC) is a diversified energy holding company. The Company, through its subsidiaries, provides utility services such as distributing electric, gas, steam, and water.

Wisconsin Energy's current stock range is defined by current calculated support defined at $31.30 and by the resistance level at $35.38, 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 Wisconsin Energy, as the stock is well above support, however, as the stock pulls back towards $31.30 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 $35.38 then traders will get an opportunity to enter Wisconsin Energy stock by establishing a position as the stock moves to a higher range.