FLIR Systems Closing in to Resistance

Published on Tuesday, 24 January 2012 06:04 Written by Christian Paolinetti

New York, January 24th (TradersHuddle.com) - Shares of FLIR Systems, Inc. (NASDAQ:FLIR) are trading very close to calculated resistance at $26.85 with the current price action closing at just $26.69 placing the stock near levels that make it difficult to buy.

FLIR Systems, Inc. (NASDAQ:FLIR) designs, manufactures, and markets thermal imaging and broadcast camera systems for a variety of applications in the commercial and government markets.

FLIR's current stock range is defined by current calculated support defined at $24.75 and by the resistance level at $26.85, 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 FLIR Systems, as the stock is well above support, however, as the stock pulls back towards $24.75 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 $26.85 then traders will get an opportunity to enter FLIR Systems stock by establishing a position as the stock moves to a higher range.