Is Invesco Breaking Out?
Published on Friday, 17 August 2012 08:32 Written by TradersHuddle Wire
New York, August 17th (TradersHuddle.com) - Shares of Invesco Limited (NYSE:IVZ) closed the session at $24.06 just above calculated resistance at $23.96. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
Invesco Limited (NYSE:IVZ) is an independent investment management group. The Group specializes in investment management services, covering equities, fixed income and alternatives like real estate, private equity and absolute return strategies.
The stock was trading in a well defined range with support at $20.80 and resistance at $23.96. Given that this range was broken, traders will be closely monitoring Invesco's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Invesco is still near the broken resistance level, traders will be focusing on the $23.96 level to see if the stock holds the breakout without rolling over.
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