Aecom Close to Resistance

Published on Thursday, 02 February 2012 18:44 Written by TradersHuddle Staff

New York, February 2nd (TradersHuddle.com) - Shares of Aecom Technology Corp. (NYSE:ACM) are trading very close to calculated resistance at $23.48 with the current price action closing at just $22.79 placing the stock near levels that make it difficult to buy.

Aecom Technology Corp. (NYSE:ACM) is a global provider of professional technical and management support services to a broad range of markets, including transportation, facilities, environmental, energy, water and government. Its services include consulting, planning, architecture, engineering, construction management, project management, asset management, environmental services, and design-build services.

Aecom's current stock range is defined by current calculated support defined at $19.05 and by the resistance level at $23.48, 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 Aecom, as the stock is well above support, however, as the stock pulls back towards $19.05 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 $23.48 then traders will get an opportunity to enter Aecom stock by establishing a position as the stock moves to a higher range.