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Trading Idea - U.S. Bancorp Breaking Out?

Published on Wednesday, 08 February 2012 08:40 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of U.S. Bancorp (NYSE:USB) closed the trading session at $29.45 just above calculated resistance at $29.26 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

U.S. Bancorp (NYSE:USB) is a diversified financial services company that provides lending and depository services, and cash management. The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp operates in the Midwest and Western United States.

U.S. Bancorp's stock was trading in a well defined range with support at $27.30 and resistance at $29.26, given that this range was broken traders will be closely monitoring the stock

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