Airgas near Resistance

Published on Thursday, 02 February 2012 07:20 Written by Christian Paolinetti

New York, February 2nd (TradersHuddle.com) - Shares of Airgas, Inc. (NYSE:ARG) are trading very close to calculated resistance at $80.59 with the current price action closing at just $79.03 placing the stock near levels that make it difficult to buy.

Airgas, Inc. (NYSE:ARG) distributes industrial, medical, and specialty gases and related equipment. The Company also produces and distributes liquid carbon dioxide and dry ice.

Airgas' current stock range is defined by current calculated support defined at $69.51 and by the resistance level at $80.59, 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 Airgas, as the stock is well above support, however, as the stock pulls back towards $69.51 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 $80.59 then traders will get an opportunity to enter Airgas stock by establishing a position as the stock moves to a higher range.