New York, June 13th (TradersHuddle.com) - Regions Financial Corporation (NYSE:RF) ended the trading session at $6.19, near its 50 day moving average set at $6.35. Regions Financial's price action placed the stock below this important level, which makes it difficult to be bought, as the stock will certainly face resistance as it approaches its 50 day moving average.
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.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $5.46 and resistance at $6.29. These levels will be closely monitored, as they provide great insight into the latest price dynamics.
If traders want to establish a position in Regions Financial, given the resistance expected as the stock approaches its 50 day moving average, a trade might materialize as the stock manages to break this important technical level. After the breakout, the 50 day moving average could be used as support going forward. However, until the break materializes, buying the stock is basically a gamble with 50-50 chance.
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