Trading Idea - Entry Levels for Titanium Metals
Published on Thursday, 01 March 2012 08:08 Written by TradersHuddle Wire
New York, March 1st (TradersHuddle.com) - Shares of Titanium Metals Corporation (NYSE:TIE) ended close to calculated support at $14.60 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.
Titanium Metals' stock range is defined by its calculated support defined at $14.60 and by the resistance level at $16.14, 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 Titanium Metals 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 Titanium Metals' 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 $16.14 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
Shares of Titanium Metals Corporation closed at $14.66 in the previous trading session.
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.