Southwestern Energy is Near a Key Support Area
Published on Wednesday, 06 June 2012 08:40 Written by TradersHuddle Wire
New York, June 6th (TradersHuddle.com) - Shares of Southwestern Energy Company (NYSE:SWN) are trading very close to calculated support at $26.59 with price action closing at just $27.54 and placing the stock near levels where traders will start paying attention.
Southwestern's stock range is defined by its calculated support defined at $26.59 and by the resistance level at $30.10, 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 Southwestern'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 $30.10 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
Southwestern Energy Company (NYSE:SWN) is an independent energy company primarily focused on natural gas and crude oil exploration within the United States. The Company operations also include natural gas gathering, transmission, and marketing, as well as natural gas distribution.
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