New York, April 26th (TradersHuddle.com) - Shares of Regions Financial Corporation (NYSE:RF) closed the session at $6.65 just above calculated resistance at $6.40. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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 stock was trading in a well defined range with support at $5.91 and resistance at $6.40. Given that this range was broken, traders will be closely monitoring Regions Financial's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Regions Financial is still near the broken resistance level, traders will be focusing on the $6.40 level to see if the stock holds the breakout without rolling over.
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