Approaching Resistance - Crane

Published on Monday, 06 February 2012 20:00 Written by Christopher Lynn

New York, February 6th (TradersHuddle.com) - Shares of Crane Company (NYSE:CR) are trading very close to calculated resistance at $50.00 with the current price action closing at just $49.46 placing the stock near levels that make it difficult to buy.

Crane Company (NYSE:CR) is a diversified manufacturer of engineered industrial products. Its products include vending machines, airplane braking devices, pumps, valves, and other industrial goods. The company serves a variety of industries, including aerospace, power generation and food and beverage processing.

Crane's current stock range is defined by current calculated support defined at $46.72 and by the resistance level at $50.00, 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 Crane, as the stock is well above support, however, as the stock pulls back towards $46.72 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 $50.00 then traders will get an opportunity to enter Crane stock by establishing a position as the stock moves to a higher range.