Trading Idea: - Is Southwestern Energy close to Resistance?
Published on Friday, 29 June 2012 08:00 Written by TradersHuddle Wire
New York, June 29th (TradersHuddle.com) - Shares of Southwestern Energy Company (NYSE:SWN) are trading very close to calculated resistance at $31.34. The stock ended the trading session at just $30.78, which is near levels that make it difficult to buy or start a position.
Southwestern Energy Company (NYSE:SWN) is an independent energy company primarily focused on natural gas and crude oil exploration within the United States. The Company operations also include natural gas gathering, transmission, and marketing, as well as natural gas distribution.
Southwestern's stock range is defined by its calculated support defined at $25.63 and by the resistance level at $31.34; 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 Southwestern Energy. However, as the stock pulls back towards $25.63 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $31.34 then traders will get an opportunity to enter the stock as it moves to a higher range.
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