Close to the 50 Day Moving Average: Regions Financial
Published on Tuesday, 17 April 2012 05:28 Written by TradersHuddle Wire
New York, April 17th (TradersHuddle.com) - Regions Financial Corporation (NYSE:RF) closed the trading day at $6.21, near its 50 day moving average that is set at $6.07. Regions Financial's price action is just above this important support level, providing a trading opportunity.
Regions Financial Corporation (NYSE:RF) is a regional multi-bank holding company. The Company provides mortgage banking, leasing, commercial accounts receivable factoring, specialty mortgage financing, and securities brokerage services. Regions provides banking services throughout the South, Midwest, and Eastern United States.
The peaks and troughs algorithm shows calculated support at $5.98 and calculated resistance at $6.69. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Regions Financial should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.