Is Regions Financial Close to Support?

Published on Monday, 23 April 2012 08:12 Written by TradersHuddle Wire

New York, April 23rd (TradersHuddle.com) - Shares of Regions Financial Corporation (NYSE:RF) are trading very close to calculated support at $6.02 with price action closing at just $6.07 and placing the stock near levels where traders will start paying attention.

Regions Financial's stock range is defined by its calculated support defined at $6.02 and by the resistance level at $6.40, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.

Traders wanting to establish a position should pay close attention to Regions Financial's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $6.40 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

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.