Trading Idea - Donaldson Broke Resistance, What to Expect?

Published on Friday, 03 February 2012 08:12 Written by TradersHuddle Staff

New York, February 3rd (TradersHuddle.com) - Shares of Donaldson Company, Inc. (NYSE:DCI) closed the trading session at $73.88 just above calculated resistance at $73.03 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

Donaldson Company, Inc. (NYSE:DCI), is a global provider of filtration systems and replacement parts. Donaldson is a technology-driven company committed to satisfying customer needs for filtration solutions through innovative research and development. The company serves customers in the industrial and engine markets, including dust collection, power generation, specialty filtration, compressed air purification, off-road equipment, industrial compressors, heavy trucks and light vehicles.

Donaldson's stock was trading in a well defined range with support at $66.25 and resistance at $73.03, given that this range was broken traders will be closely monitoring the stock