Teleflex is Near a Key Support Area

Published on Tuesday, 29 May 2012 09:44 Written by TradersHuddle Wire

New York, May 29th (TradersHuddle.com) - Shares of Teleflex Incorporated (NYSE:TFX) are trading very close to calculated support at $57.90 with price action closing at just $59.98 and placing the stock near levels where traders will start paying attention.

Teleflex's stock range is defined by its calculated support defined at $57.90 and by the resistance level at $64.79, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.

Traders wanting to establish a position should pay close attention to Teleflex'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 $64.79 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

Teleflex Incorporated (NYSE:TFX) is a global provider of medical technology products. The Company primarily develops, manufactures and supplies single-use medical devices used by hospitals and healthcare providers for common diagnostic and therapeutic procedures in critical care and surgical applications.