W. R. Berkley Closing in to Resistance

Published on Thursday, 19 January 2012 17:48 Written by Christopher Lynn

New York, January 19th (TradersHuddle.com) - Shares of W. R. Berkley Corporation (NYSE:WRB) are trading very close to calculated resistance at $35.12 with the current price action closing at just $34.79 placing the stock near levels that make it difficult to buy.

W. R. Berkley Corporation (NYSE:WRB) is an insurance holding company that conducts operations in various segments of the property casualty insurance business. Segments include specialty lines of insurance, alternative markets, reinsurance, and regional property casualty insurance

W. R. Berkley's current stock range is defined by current calculated support defined at $32.32 and by the resistance level at $35.12, 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 W. R. Berkley, as the stock is well above support, however, as the stock pulls back towards $32.32 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 $35.12 then traders will get an opportunity to enter W. R. Berkley stock by establishing a position as the stock moves to a higher range.