Duke near Key Resistance Area

Published on Friday, 13 January 2012 08:08 Written by Christian Paolinetti

New York, January 13th (TradersHuddle.com) - Shares of Duke Energy (NYSE:DUK) are trading very close to calculated resistance at $22.12 with the current price action closing at just $21.28 placing the stock near levels that make it difficult to buy.

Duke Energy Corporation (NYSE:DUK) is an energy company that owns an integrated network of energy assets. The Company manages a portfolio of natural gas and electric supply, delivery, and trading businesses in the United States and Latin America.

Duke's current stock range is defined by current calculated support defined at $19.58 and by the resistance level at $22.12, 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 Duke, as the stock is well above support, however, as the stock pulls back towards $19.58 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 $22.12 then traders will get an opportunity to enter Duke stock by establishing a position as the stock moves to a higher range.