Approaching Resistance: Regions Financial
Published on Tuesday, 12 June 2012 05:20 Written by TradersHuddle Wire
New York, June 12th (TradersHuddle.com) - Shares of Regions Financial Corporation (NYSE:RF) are trading very close to calculated resistance at $6.22. The stock ended the trading session at just $6.00, which is near levels that make it difficult to buy or start a position.
Regions Financial Corporation (NYSE:RF) is a regional multi-bank holding company. The Company provides mortgage banking, leasing, commercial accounts receivable factoring, specialty mortgage financing, and securities brokerage services. Regions provides banking services throughout the South, Midwest, and Eastern United States.
Regions Financial's stock range is defined by its calculated support defined at $5.46 and by the resistance level at $6.22; 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 Regions Financial. However, as the stock pulls back towards $5.46 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $6.22 then traders will get an opportunity to enter the stock as it moves to a higher range.