Approaching Resistance: FLIR Systems

Published on Tuesday, 31 July 2012 09:00 Written by TradersHuddle Wire

New York, July 31st (TradersHuddle.com) - Shares of FLIR Systems, Inc. (NASDAQ:FLIR) are trading very close to calculated resistance at $21.18. The stock ended the trading session at just $20.48, which is near levels that make it difficult to buy or start a position.

FLIR Systems, Inc. (NASDAQ:FLIR) designs, manufactures, and markets thermal imaging and broadcast camera systems for a variety of applications in the commercial and government markets.

FLIR's stock range is defined by its calculated support defined at $18.55 and by the resistance level at $21.18; 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 FLIR Systems. However, as the stock pulls back towards $18.55 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $21.18 then traders will get an opportunity to enter the stock as it moves to a higher range.