Walgreen near Support

Published on Thursday, 09 February 2012 05:28 Written by TradersHuddle Wire

New York, February 9th (TradersHuddle.com) - Shares of Walgreen Company (NYSE:WAG) ended close to calculated support at $33.00 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.

Walgreen's current stock range is defined by current calculated support defined at $33.00 and by the resistance level at $35.35, 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 Walgreen 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 Walgreen'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 $35.35 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Shares of Walgreen Company closed at $33.13 in the previous trading session.

Walgreen Company (NYSE:WAG) operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general merchandise. The Company operates stores throughout the United States. the company also offers health services, including primary and acute care, wellness, pharmacy and disease management services.