Piedmont Close to the 50 Day

Published on Friday, 20 January 2012 05:24 Written by Christopher Lynn

New York, January 20th (TradersHuddle.com) - Shares of Piedmont Natural Gas Company, Inc. (NYSE:PNY) closed the trading day at $32.66 close to its 50 day moving average currently set at $32.66. Piedmont's price action is just above this important support level translating into a trading opportunity.

Piedmont Natural Gas Company, Inc. (NYSE:PNY) is an energy and services company that primarily transports, distributes, and sells natural gas. The Company serves residential, commercial, and industrial customers in North Carolina, South Carolina, and Tennessee.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $29.90 and calculated resistance at $34.74. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Piedmont will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.