Trading Idea - AES Breaking Out?

Published on Thursday, 19 January 2012 07:52 Written by TradersHuddle Staff

New York, January 19th (TradersHuddle.com) - Shares of AES Corporation (NYSE:AES) closed the trading session at $12.79 just above calculated resistance at $12.76 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

AES Corporation (NYSE:AES), together with its subsidiaries, engages in the generation and distribution of electricity in Asia, North America, Europe, Latin America, and Africa. The Company sells electricity under long term contracts and serves customers under its regulated utility businesses.The company generates electricity through various resources, including coal, gas, and fuel oil, as well as hydro, wind, and solar.

AES's stock was trading in a well defined range with support at $11.43 and resistance at $12.76, given that this range was broken traders will be closely monitoring the stock