Trading Idea: - Is US Airways close to Resistance?
Published on Monday, 25 June 2012 05:48 Written by TradersHuddle Wire
New York, June 25th (TradersHuddle.com) - Shares of US Airways Group, Inc. (NYSE:LCC) are trading very close to calculated resistance at $13.78. The stock ended the trading session at just $13.17, which is near levels that make it difficult to buy or start a position.
US Airways Group, Inc. (NYSE:LCC) is an air carrier that transports passengers, property, and mail. The Company provides regularly scheduled service at airports in the United States, Canada, Europe, the Caribbean, and Latin America. The airline operates with major hubs in Phoenix, Charlotte and Philadelphia.
US Airways' stock range is defined by its calculated support defined at $11.18 and by the resistance level at $13.78; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for US Airways. However, as the stock pulls back towards $11.18 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $13.78 then traders will get an opportunity to enter the stock as it moves to a higher range.
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