WESCO near Resistance

Published on Friday, 03 February 2012 06:32 Written by Christopher Lynn

New York, February 3rd (TradersHuddle.com) - Shares of WESCO International, Inc. (NYSE:WCC) are trading very close to calculated resistance at $66.01 with the current price action closing at just $64.05 placing the stock near levels that make it difficult to buy.

WESCO International, Inc. (NYSE:WCC) distributes electrical products and other industrial maintenance, repair, and operating supplies. The Company also provides integrated supply services.

WESCO's current stock range is defined by current calculated support defined at $48.46 and by the resistance level at $66.01, 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 WESCO, as the stock is well above support, however, as the stock pulls back towards $48.46 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 $66.01 then traders will get an opportunity to enter WESCO stock by establishing a position as the stock moves to a higher range.