Close to the 50 Day - Walgreen

Published on Monday, 13 February 2012 05:56 Written by TradersHuddle Wire

New York, February 13th (TradersHuddle.com) - Shares of Walgreen Company (NYSE:WAG) closed the trading day at $34.54 close to its 50 day moving average currently set at $33.70. Walgreen's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $32.96 and calculated resistance at $35.35. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Walgreen will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.