Approaching Resistance: United Technologies
Published on Thursday, 09 August 2012 08:40 Written by TradersHuddle Wire
New York, August 9th (TradersHuddle.com) - Shares of United Technologies Corp. (NYSE:UTX) are trading very close to calculated resistance at $78.51. The stock ended the trading session at just $77.48, which is near levels that make it difficult to buy or start a position.
United Technologies Corporation (NYSE:UTX) provides technology products and support services to customers in the aerospace and building industries worldwide. The Company's products include aircraft engines thru its Pratt & Whitney segment, elevators and escalators thur its Otis segment, heating and air conditioning equipment thru its Carrier unit, aerospace systems, and fire and safety equipment, and Helicopters thur its Sikorsky unit. United Technologies was founded in 1934 and is based in Hartford, Connecticut.
United Technologies' stock range is defined by its calculated support defined at $71.40 and by the resistance level at $78.51; 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 United Technologies. However, as the stock pulls back towards $71.40 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $78.51 then traders will get an opportunity to enter the stock as it moves to a higher range.
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