H&R Block near Key Resistance Area

Published on Thursday, 09 February 2012 18:28 Written by TradersHuddle Wire

New York, February 9th (TradersHuddle.com) - Shares of H&R Block, Inc. (NYSE:HRB) are trading very close to calculated resistance at $17.46 with the current price action closing at just $17.02 placing the stock near levels that make it difficult to buy.

H&R Block, Inc. (NYSE:HRB) provides tax services to the general public, accounting and consulting services, and consumer financial and personal productivity software. The company also provides a wide range of financial products.

H&R Block's current stock range is defined by current calculated support defined at $15.99 and by the resistance level at $17.46, 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 H&R Block, as the stock is well above support, however, as the stock pulls back towards $15.99 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 $17.46 then traders will get an opportunity to enter H&R Block stock by establishing a position as the stock moves to a higher range.