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.
- CECO Environmental Corp. and Met-Pro Corporation Announce Preliminary Results of Merger Consideration Elections by Met-Pro Shareholders
- CECO Environmental Corp. and Met-Pro Corporation Anticipate Closing Mergers between August 27-29, Set Merger Consideration Election Deadline
- CECO Environmental Reports Second Quarter and Six Month 2013 Results
- Met-Pro Corporation Announces Memorandum of Understanding as to Settlement of Shareholder Litigation Relating to CECO Merger
- Met-Pro Corporation Announces First Quarter Financial Results