Is Career Education Expecting Resistance Soon?
Published on Tuesday, 29 May 2012 06:12 Written by TradersHuddle Wire
New York, May 29th (TradersHuddle.com) - Career Education Corporation (NASDAQ:CECO) ended the trading session at $7.03, near its 50 day moving average set at $7.25. Career Education's price action placed the stock below this important level, which makes it difficult to be bought, as the stock will certainly face resistance as it approaches its 50 day moving average.
Career Education Corporation (NASDAQ:CECO) provides private, for-profit postsecondary education in the United States and Canada. Its schools offer a variety of bachelor's degree, associate degree, and non-degree programs in career oriented disciplines, like information technologies, visual communication and design technologies, business studies, and culinary arts.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $6.15 and resistance at $6.79. These levels will be closely monitored, as they provide great insight into the latest price dynamics.
If traders want to establish a position in Career Education, given the resistance expected as the stock approaches its 50 day moving average, a trade might materialize as the stock manages to break this important technical level. After the breakout, the 50 day moving average could be used as support going forward. However, until the break materializes, buying the stock is basically a gamble with 50-50 chance.
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