Aflac Is Close to Resistance
Published on Monday, 25 June 2012 06:32 Written by TradersHuddle Wire
New York, June 25th (TradersHuddle.com) - Shares of Aflac, Inc. (NYSE:AFL) are trading very close to calculated resistance at $42.81. The stock ended the trading session at just $41.11, which is near levels that make it difficult to buy or start a position.
Aflac, Inc. (NYSE:AFL) and through its subsidiaries, provides supplemental insurance in the United States and Japan. Some of Aflac's products include accident/disability plans, cancer expense plans, short-term disability plans, sickness and hospital indemnity plans, and hospital intensive care plans.
Aflac's stock range is defined by its calculated support defined at $38.14 and by the resistance level at $42.81; 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 Aflac. However, as the stock pulls back towards $38.14 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $42.81 then traders will get an opportunity to enter the stock as it moves to a higher range.
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