Approaching Support- PetSmart

Published on Friday, 02 July 2010 06:48 Written by Danny Miller

New York, July 2nd (TradersHuddle.com) - Shares of PetSmart, Inc. (NASDAQ:PETM) are trading very close to calculated support at $29.92 with current price action closing at just $30.36 places the stock price near levels where traders will start paying attention.

PetSmart, Inc. (NASDAQ:PETM) is a specialty retailer of products and services for pets. The Company operates pet superstores in the United States and Canada and provides pet food and supplies, and offers full-service veterinary, grooming and pet training services.

PetSmart's current stock range is defined by current calculated support defined at $29.92 and by the resistance level at $33.35, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to PetSmart's 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 $33.35 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.