Is Southwestern Energy Resistance Ahead?
Published on Thursday, 09 August 2012 09:04 Written by TradersHuddle Wire
New York, August 9th (TradersHuddle.com) - Southwestern Energy Company (NYSE:SWN) closed the trading session at $31.86, near its 200 day moving average set at $32.61. Southwestern's stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 day moving average.
Southwestern Energy Company (NYSE:SWN) is an independent energy company primarily focused on natural gas and crude oil exploration within the United States. The Company operations also include natural gas gathering, transmission, and marketing, as well as natural gas distribution.
Latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $30.13 and resistance at $34.67. Traders should closely monitor these levels, as they provide great reference points for the latest price action in Southwestern Energy.
If traders want to establish a position on Southwestern Energy, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.
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