United Technologies Is Approaching Important Moving Averages

Published on Friday, 22 June 2012 07:44 Written by TradersHuddle Wire

New York, June 22nd (TradersHuddle.com) - United Technologies Corp. (NYSE:UTX) closed the the trading session at $74.82, near its 50 day and 200 day moving averages currently set at $76.75 and $77.27 respectively. United Technologies' price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.

United Technologies Corporation (NYSE:UTX) provides technology products and support services to customers in the aerospace and building industries worldwide. The Company's products include aircraft engines thru its Pratt & Whitney segment, elevators and escalators thur its Otis segment, heating and air conditioning equipment thru its Carrier unit, aerospace systems, and fire and safety equipment, and Helicopters thur its Sikorsky unit. United Technologies was founded in 1934 and is based in Hartford, Connecticut.

The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $70.71 and resistance at $77.00. Traders should monitor these levels, as they provide insight into the latest price dynamics in United Technologies.

If traders want to establish a position on United Technologies, given the heavy resistance expected near the 50 and 200 day moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.