Trading Idea: What to Expect with Titanium Metals Breaking Support
Published on Thursday, 10 May 2012 09:20 Written by TradersHuddle Wire
New York, May 10th (TradersHuddle.com) - Shares of Titanium Metals Corporation (NYSE:TIE) closed the trading session at $13.53 below calculated support at $13.57. The stock broke down technically, raising concerns as the move might trigger additional selling.
Titanium Metals Corporation (NYSE:TIE) produces titanium melted and mill products. The Company's products include titanium sponge, melted products, mill products and industrial fabrications which are used in aerospace and industrial applications.
Titanium Metals' stock was trading in a well defined range with support at $13.57 and resistance at $15.05; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $13.57 will remain in focus as Titanium Metals' price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in Titanium Metals can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $13.57. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
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