Approaching Resistance - CB Richard Ellis

Published on Friday, 20 January 2012 06:36 Written by Christian Paolinetti

New York, January 20th (TradersHuddle.com) - Shares of CB Richard Ellis Group, Inc. (NYSE:CBG) are trading very close to calculated resistance at $17.82 with the current price action closing at just $17.61 placing the stock near levels that make it difficult to buy.

CB Richard Ellis Group, Inc. (NYSE:CBG) is a global commercial real estate services firm. The Company offer services such as advice and execution assistance for property leasing and sales, forecasting, and valuations.

CB Richard Ellis' current stock range is defined by current calculated support defined at $16.77 and by the resistance level at $17.82, 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 CB Richard Ellis , as the stock is well above support, however, as the stock pulls back towards $16.77 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 $17.82 then traders will get an opportunity to enter CB Richard Ellis stock by establishing a position as the stock moves to a higher range.