Trading Idea: Key levels for Walgreen
Published on Monday, 25 June 2012 05:36 Written by TradersHuddle Wire
New York, June 25th (TradersHuddle.com) - Shares of Walgreen Company (NYSE:WAG) are trading very close to calculated support at $28.53 with price action closing at just $29.57 and placing the stock near levels where traders will start paying attention.
Walgreen's stock range is defined by its calculated support defined at $28.53 and by the resistance level at $31.42, 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 Walgreen'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 $31.42 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
Walgreen Company (NYSE:WAG) operates retail drugstores that offer a wide variety of prescription and non-prescription drugs, as well as general merchandise. The Company operates stores throughout the United States. the company also offers health services, including primary and acute care, wellness, pharmacy and disease management services.
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