Invesco Is Near a Key Resistance Area

Published on Wednesday, 06 June 2012 09:04 Written by TradersHuddle Wire

New York, June 6th (TradersHuddle.com) - Shares of Invesco Limited (NYSE:IVZ) are trading very close to calculated resistance at $22.03. The stock ended the trading session at just $21.54, which is near levels that make it difficult to buy or start a position.

Invesco Limited (NYSE:IVZ) is an independent investment management group. The Group specializes in investment management services, covering equities, fixed income and alternatives like real estate, private equity and absolute return strategies.

Invesco's stock range is defined by its calculated support defined at $20.59 and by the resistance level at $22.03; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for Invesco. However, as the stock pulls back towards $20.59 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $22.03 then traders will get an opportunity to enter the stock as it moves to a higher range.