Approaching Resistance - MetLife

Published on Friday, 03 February 2012 07:36 Written by Christian Paolinetti

New York, February 3rd (TradersHuddle.com) - Shares of MetLife, Inc. (NYSE:MET) are trading very close to calculated resistance at $36.50 with the current price action closing at just $36.38 placing the stock near levels that make it difficult to buy.

MetLife, Inc. (NYSE:MET) provides individual insurance, employee benefits and financial services with operations throughout the United States and the regions of Latin America, Europe, and Asia Pacific. The Company's products include life insurance, annuities, automobile and homeowners insurance, retail banking and other financial services to individuals as well as group insurance.

MetLife's current stock range is defined by current calculated support defined at $33.83 and by the resistance level at $36.50, 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 MetLife, as the stock is well above support, however, as the stock pulls back towards $33.83 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 $36.50 then traders will get an opportunity to enter MetLife stock by establishing a position as the stock moves to a higher range.