Trading Idea - Key levels for Walgreen

Published on Monday, 30 January 2012 19:16 Written by Christian Paolinetti

New York, January 30th (TradersHuddle.com) - Shares of Walgreen Company (NYSE:WAG) are trading very close to calculated support at $32.50 with current price action closing at just $33.63 places the stock price near levels where traders will start paying attention.

Walgreen's current stock range is defined by current calculated support defined at $32.50 and by the resistance level at $35.00, which should be used by traders planning their trades. These support and resistance levels are based on an algorithm of peaks and troughs of the stock price action.

Traders wanting to establish a position should place close attention to Walgreen's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $35.00 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Walgreen Company (NYSE:WAG) operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general merchandise. The Company operates stores throughout the United States. the company also offers health services, including primary and acute care, wellness, pharmacy and disease management services.