Trading Idea: Entry Levels for Regions Financial
Published on Tuesday, 15 May 2012 05:28 Written by TradersHuddle Wire
New York, May 15th (TradersHuddle.com) - Shares of Regions Financial Corporation (NYSE:RF) ended the trading session close to calculated support at $6.45, a level that will raise the attention of traders looking for an entry point.
Regions Financial's stock range is defined by its calculated support defined at $6.45 and by the resistance level at $6.98. This range could be used as a reference by traders planning their next move. The area where buyer interest might materialize is defined as calculated support. Stocks trading near support might see upside if it can successfully hold the technical level. However, this area if breached will signal participants that the stock failed to entice buyers to step in to support it.
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 $6.98 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
Shares of Regions Financial Corporation closed at $6.46 in the prior trading session.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.