Is U.S. Bancorp Close to Support?
Published on Thursday, 07 June 2012 08:20 Written by TradersHuddle Wire
New York, June 7th (TradersHuddle.com) - Shares of U.S. Bancorp (NYSE:USB) finished near calculated support at $28.58.
The largest lender in Minnesota and owner of the fifth largest U.S. bank closed at $29.70 leaving shares at a level that will spark interest by traders wanting to start or add to a position in the stock.
U.S. Bancorp's stock range is defined by its calculated support defined at $28.58 and by the resistance level at $32.98.
The area where we expect for buyers to materialize is defined as calculated support. A stock trading near its support level might see a lift, if it provides the necessary support for traders to place their buy orders. However, if this area is breached, it will signal participants that the stock failed to entice buyers to step in and support the stock, which in turn will spur additional downward momentum.Traders wanting to establish a position should pay close attention to U.S. Bancorp'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 $32.98 might limit their upside, however, if the stock breaks resistance, it could be a good point to step in and add to the position.
- AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
- AT&T 4G LTE Available In Willimantic
- AT&T 4G LTE Available In Torrington
- AT&T And The University Of Kansas Team Up To Enhance Wireless Coverage On Lawrence Campus
- AT&T 4G LTE Available In Fargo
- AT&T 4G LTE Available In Amarillo
- Benefitfocus Announces Pricing of Initial Public Offering
- Trends of China Gear Industry 2013 Analysis & Reviewed in New Research Report at RnRMarketResearch.com
- Product Launch Formula 4.0 Bonuses Total $5000 at BrianHanson.com
- Datex Presents Motorola Solutions Webinar “Is It ‘Smart’ to Use Smartphones for the Enterprise?”
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines