New York, February 9th (TradersHuddle.com) - Shares of Titanium Metals Corporation (NYSE:TIE) closed the trading session at $15.42 placing the price action in a very tight range, given that calculated support is set at $15.30 and the calculated resistance based on an algorithm of peaks and troughs is set at $16.14
Titanium Metals Corporation (NYSE:TIE) produces titanium melted and mill products. The Company's products include titanium sponge, melted products, mill products and industrial fabrications which are used in aerospace and industrial applications.
Titanium Metals' stock price action indicates that both sellers and buyers are materializing very close to each other, which is indicative to a momentum building area, as the stock can resolve by breaking out of the tight range that developed.
Traders wanting to establish a position should place close attention to Titanium Metals' price action, as any movement outside its predefined range of $15.30 and $16.14 could grab the attention of momentum buyers, looking for a big movement in the price of the stock. Traders need to be aware that tight range resolution works both ways, hence, a move below support at $15.30 could spark above average selling. A tiered approach can be a good way to approach starting a position in Titanium Metals', by establishing a starter position while the stock is in the tight range, and then adding to the position as it breaks and closes above resistance.
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