Is There Resistance Above for E*TRADE?
Published on Wednesday, 11 April 2012 09:28 Written by TradersHuddle Wire
New York, April 11th (TradersHuddle.com) - E*TRADE Financial Corporation (NASDAQ:ETFC) closed the trading day at $10.05, near its 50 day and 200 day moving averages set at $9.94 and $10.40 respectively. E*TRADE's price action placed the stock above the 50 day moving average but below its 200 day moving average, providing a nice trading setup with clear reference points.
E*TRADE Financial Corporation (NASDAQ:ETFC) provides online brokerage and related products and services primarily to individual retail investors. The company offers investor-focused banking, primarily sweep deposits and savings products.
E*TRADE seems to be setting up for a tight range between the 50 day moving average as support and the 200 day moving average serving as resistance.
A tiered approach appears to be the best way to maximize possible movements in the stock, as traders could establish a small position in E*TRADE and wait for the stock to break out above the 200 day moving average at $10.40. Then they could add to the position as momentum builds with the breakout. On the other hand, if support being referenced at the 50 day moving average set at $9.94 breaks, it could signal further downside for E*TRADE in the horizon.
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