Approaching Support- Express Scripts

Published on Tuesday, 17 January 2012 07:24 Written by Christopher Lynn

New York, January 17th (TradersHuddle.com) - Shares of Express Scripts, Inc. (NASDAQ:ESRX) ended close to calculated support at $47.96 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.

Express Scripts current stock range is defined by current calculated support defined at $47.96 and by the resistance level at $50.93, which could be used as a reference by traders planning their trades. The area defined as calculated support, is where buying might materialize, which could provide a lift to shares of Express Scripts, Inc.. However, this area if breached will signal participants that the stock failed to entice buyers to step in and support the stock.

Traders wanting to establish a position should pay close attention to Express Scripts price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $50.93 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Shares of Express Scripts, Inc. closed at $49.15 in the previous trading session.

Express Scripts, Inc. (NASDAQ:ESRX) is a full service pharmacy benefit management and specialty managed care company. The Company serves managed care organizations, insurance carriers, third party administrators, employers, and union-sponsored benefit plans.