Trading Idea: Key levels for State Street
Published on Thursday, 11 October 2012 07:44 Written by TradersHuddle Wire
New York, October 11th (TradersHuddle.com) - Shares of State Street Corporation (NYSE:STT) are trading very close to calculated support at $41.42 with price action closing at just $41.46 and placing the stock near levels where traders will start paying attention.
State Street's stock range is defined by its calculated support defined at $41.42 and by the resistance level at $44.61, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.
Traders wanting to establish a position should pay close attention to State Street's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $44.61 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
State Street Corporation (NYSE:STT), through its subsidiaries, provides various products and services for the institutional investors worldwide. The company provides securities administration and investment management services. The company serves mutual funds, collective investment funds, corporate and public retirement plans, insurance companies, foundations, endowments, and investment managers.
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