BB&T Broke Resistance

Published on Friday, 15 June 2012 06:08 Written by TradersHuddle Wire

New York, June 15th (TradersHuddle.com) - Shares of BB&T Corporation (NYSE:BBT) closed the session at $29.38 just above calculated resistance at $29.35. The stock moved to what appears to be a higher range, spurring attention from momentum buyers.

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.

The stock was trading in a well defined range with support at $27.40 and resistance at $29.35. Given that this range was broken, traders will be closely monitoring BB&T's price action to gather clues on the future direction.

From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that BB&T is still near the broken resistance level, traders will be focusing on the $29.35 level to see if the stock holds the breakout without rolling over.