Vulcan Is Near Resistance
Published on Monday, 11 June 2012 08:32 Written by TradersHuddle Wire
New York, June 11th (TradersHuddle.com) - Shares of Vulcan Materials Company (NYSE:VMC) are trading very close to calculated resistance at $34.40. The stock ended the trading session at just $34.23, which is near levels that make it difficult to buy or start a position.
Vulcan Materials Company (NYSE:VMC) produces construction aggregates. The Birmingham, Alabama based company principal product lines are aggregates, asphalt mix and concrete, and cement.
Vulcan's stock range is defined by its calculated support defined at $32.31 and by the resistance level at $34.40; 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 Vulcan . However, as the stock pulls back towards $32.31 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $34.40 then traders will get an opportunity to enter the stock as it moves to a higher range.
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