Trading Idea: What to Expect with IMAX Breaking Support
Published on Friday, 03 August 2012 07:28 Written by TradersHuddle Wire
New York, August 3rd (TradersHuddle.com) - Shares of Imax Corporation (NYSE:IMAX) closed the trading session at $21.49 below calculated support at $22.55. The stock broke down technically, raising concerns as the move might trigger additional selling.
Imax Corporation (NYSE:IMAX) specializes in motion picture technologies and large-format film presentations. The company designs and manufactures projection and sound systems for large-screen theaters and designs custom attractions, including motion simulation theaters, for both large-scale attractions and smaller venues.
IMAX's stock was trading in a well defined range with support at $22.55 and resistance at $25.99; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $22.55 will remain in focus as IMAX's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in IMAX can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $22.55. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
- Paramount Pictures And Skydance Productions' Star Trek Into Darkness™ Opens Strong In IMAX® 3D Theatres, Grossing $13.6 Million Domestically
- Jean-Pierre Jeunet's The Young and Prodigious T.S. Spivet™ Journeys Into IMAX® 3D Theatres In France Beginning Oct. 16
- Roger Pollock Joins IMAX as Head of International Film Marketing
- IMAX Is Near its 50 Day Moving Average
- IMAX Is Near Resistance
- IMAX Corporation to Present at May Investor Conferences in New York
- Is IMAX Closing in to Resistance?
- Marvel's 'Iron Man 3' Has Record-breaking Global Weekend In IMAX® Theatres Worldwide, Grossing $28.6 Million
- Critical Alerts For Starbucks, Corning, Teva Pharmaceutical, Beazer Homes, and IMAX Released By InvestorsObserver
- IMAX Is Near Resistance
Related Partner Headlines
- IMAX, Warner Bros. Pictures Agree to 20-Picture Deal - Benzinga
- Warner Bros.' The Dark Knight Rises Crosses $100 Million Milestone In IMAX Theatres - Benzinga
- Piper Jaffray Reiterates Overweight Rating, $32 PT on IMAX - Benzinga
- Imax Corporation Stock Upgraded (IMAX) - TheStreet.com
- Warner Bros.' The Dark Knight Rises Generates Strongest-Ever Second-Weekend Results In IMAX® Theatres - Benzinga
- UPDATE: Wedbush Downgrades IMAX to Neutral, Lowers PT - Benzinga
- IMAX Expands Partnership With VieShow Cinemas In Three-Theatre Deal - Benzinga
- UPDATE: Goldman Sachs Initiates IMAX Corporation at a Buy Rating - Benzinga
- IMAX and TGV Cinemas Expand Joint Revenue Share Agreement With Seven Additional IMAX® Theatres in Malaysia - Benzinga
- IMAX And AMC Entertainment Expand Joint Revenue Sharing Partnership - Benzinga
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