Near Key Levels: AES
Published on Wednesday, 25 July 2012 07:12 Written by TradersHuddle Wire
New York, July 25th (TradersHuddle.com) - AES Corporation (NYSE:AES) closed the the trading session at $12.10, near its 50 day and 200 day moving averages currently set at $12.42 and $12.32 respectively. AES's price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.
AES Corporation (NYSE:AES), together with its subsidiaries, engages in the generation and distribution of electricity in Asia, North America, Europe, Latin America, and Africa. The Company sells electricity under long term contracts and serves customers under its regulated utility businesses.The company generates electricity through various resources, including coal, gas, and fuel oil, as well as hydro, wind, and solar.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $11.87 and resistance at $12.94. Traders should monitor these levels, as they provide insight into the latest price dynamics in AES.
If traders want to establish a position on AES, given the heavy resistance expected near the 50 and 200 day moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.
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