Trading Idea: Entry Levels for BB&T

Published on Tuesday, 12 June 2012 06:12 Written by TradersHuddle Wire

New York, June 12th (TradersHuddle.com) - Shares of BB&T Corporation (NYSE:BBT) are trading very close to calculated support at $27.40 with price action closing at just $28.48 and placing the stock near levels where traders will start paying attention.

BB&T's stock range is defined by its calculated support defined at $27.40 and by the resistance level at $29.08, 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 BB&T'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 $29.08 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

BB&T Corporation (NYSE:BBT) operates banking locations in North and South Carolina, Georgia, Virginia, Maryland, West Virginia, Kentucky, Alabama, Indiana, Washington D.C., Florida and Tennessee. The Company offers full-service commercial and retail banking, as well as insurance, retail brokerage, corporate finance, and international banking.