SanDisk Close to Support?

Published on Thursday, 09 February 2012 08:48 Written by TradersHuddle Wire

New York, February 9th (TradersHuddle.com) - Shares of SanDisk Corporation (NASDAQ:SNDK) ended close to calculated support at $45.43 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.

SanDisk's current stock range is defined by current calculated support defined at $45.43 and by the resistance level at $53.08, 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 SanDisk Corporation. 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 SanDisk'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 $53.08 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Shares of SanDisk Corporation closed at $46.84 in the previous trading session.

SanDisk Corporation (NASDAQ:SNDK) supplies flash data storage products. The Company designs, manufactures, and markets industry-standard, solid-state data, digital imaging, and audio storage products using its patented, high-density flash memory and controller technology.