Trading Idea - Is Aflac close to Support?

Published on Wednesday, 18 January 2012 08:08 Written by TradersHuddle Staff

New York, January 18th (TradersHuddle.com) - Shares of Aflac, Inc. (NYSE:AFL) are trading very close to calculated support at $42.30 with current price action closing at just $43.76 places the stock price near levels where traders will start paying attention.

Aflac's current stock range is defined by current calculated support defined at $42.30 and by the resistance level at $44.86, which should be used by traders planning their trades. These support and resistance levels are based on an algorithm of peaks and troughs of the stock price action.

Traders wanting to establish a position should place close attention to Aflac's 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 $44.86 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Aflac, Inc. (NYSE:AFL) and through its subsidiaries, provides supplemental insurance in the United States and Japan. Some of Aflac's products include accident/disability plans, cancer expense plans, short-term disability plans, sickness and hospital indemnity plans, and hospital intensive care plans.