Harley-Davidson Is Close to Resistance
Published on Thursday, 23 August 2012 07:04 Written by TradersHuddle Wire
New York, August 23rd (TradersHuddle.com) - Shares of Harley-Davidson, Inc. (NYSE:HOG) are trading very close to calculated resistance at $43.40. The stock ended the trading session at just $43.04, which is near levels that make it difficult to buy or start a position.
Harley-Davidson, Inc. (NYSE:HOG) manufactures and sells motorcycles. Its products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise.
Harley-Davidson's stock range is defined by its calculated support defined at $40.87 and by the resistance level at $43.40; 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 Harley-Davidson. However, as the stock pulls back towards $40.87 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $43.40 then traders will get an opportunity to enter the stock as it moves to a higher range.
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