Express Scripts Is Near Resistance

Published on Monday, 27 August 2012 06:40 Written by TradersHuddle Wire

New York, August 27th (TradersHuddle.com) - Shares of Express Scripts, Inc. (NASDAQ:ESRX) are trading very close to calculated resistance at $62.80. The stock ended the trading session at just $61.76, which is near levels that make it difficult to buy or start a position.

Express Scripts, Inc. (NASDAQ:ESRX) is a full service pharmacy benefit management and specialty managed care company. The Company serves managed care organizations, insurance carriers, third party administrators, employers, and union-sponsored benefit plans.

Express Scripts stock range is defined by its calculated support defined at $55.36 and by the resistance level at $62.80; 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 Express Scripts. However, as the stock pulls back towards $55.36 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $62.80 then traders will get an opportunity to enter the stock as it moves to a higher range.