Washington Post near Key Support Area

Published on Friday, 03 February 2012 06:40 Written by TradersHuddle Staff

New York, February 3rd (TradersHuddle.com) - Shares of Washington Post Company (NYSE:WPO) ended close to calculated support at $377.01 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.

Washington Post's current stock range is defined by current calculated support defined at $377.01 and by the resistance level at $401.81, which could be used as a reference by traders planning their trades. The area defined as calculated support, is where buying might materialize, which could provide a lift to shares of Washington Post Company. However, this area if breached will signal participants that the stock failed to entice buyers to step in and support the stock.

Traders wanting to establish a position should pay close attention to Washington Post'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 $401.81 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Shares of Washington Post Company closed at $382.40 in the previous trading session.

The Washington Post Company (NYSE:WPO) is a diversified education and media company. Its operations include educational services, both domestically and outside the United States, owning and operating cable television systems, newspaper publishing, television broadcasting, and magazine publishing.