Harley-Davidson Is Moving Above Resistance

Published on Friday, 06 July 2012 07:24 Written by TradersHuddle Wire

New York, July 6th (TradersHuddle.com) - Shares of Harley-Davidson, Inc. (NYSE:HOG) closed the session at $46.87 just above calculated resistance at $46.66. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.

Harley-Davidson, Inc. (NYSE:HOG) manufactures and sells motorcycles. Its products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise.

The stock was trading in a well defined range with support at $43.79 and resistance at $46.66. Given that this range was broken, traders will be closely monitoring Harley-Davidson's price action to gather clues on the future direction.

From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Harley-Davidson is still near the broken resistance level, traders will be focusing on the $46.66 level to see if the stock holds the breakout without rolling over.