U.S. Bancorp Is Close to its 50 Day Moving Average

Published on Thursday, 09 August 2012 08:00 Written by TradersHuddle Wire

New York, August 9th (TradersHuddle.com) - U.S. Bancorp (NYSE:USB) closed the trading day at $33.02, near its 50 day moving average that is set at $31.97. U.S. Bancorp's price action is just above this important support level, providing a trading opportunity.

U.S. Bancorp (NYSE:USB) is a diversified financial services company that provides lending and depository services, and cash management. The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp operates in the Midwest and Western United States.

The peaks and troughs algorithm shows calculated support at $28.58 and calculated resistance at $34.10. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on U.S. Bancorp should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.