Trading Idea: - Is IMAX close to Resistance?
Published on Friday, 16 March 2012 08:12 Written by TradersHuddle Wire
New York, March 16th (TradersHuddle.com) - Shares of Imax Corporation (NASDAQ:IMAX) are trading very close to calculated resistance at $26.28 with the price action ending the session at just $26.15 near levels that make it difficult to buy or start a position.
Imax Corporation (NASDAQ:IMAX) specializes in motion picture technologies and large-format film presentations. The company designs and manufactures projection and sound systems for large-screen theaters and designs custom attractions, including motion simulation theaters, for both large-scale attractions and smaller venues.
IMAX's stock range is defined by its calculated support defined at $24.67 and by the resistance level at $26.28, the stock is clearly over-extended from support, making it difficult to establish fresh longs.
Traders don't have a clear entry point for IMAX, as the stock is well above support, however, as the stock pulls back towards $24.67 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 $26.28 then traders will get an opportunity to enter the stock it moves to a higher range.
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