New York, October 15th (TradersHuddle.com) - Walgreen Company (NYSE:WAG) closed the trading day at $35.94, near its 50 day moving average that is set at $35.80. Walgreen's price action is just above this important support level, providing a trading opportunity.
Walgreen Company (NYSE:WAG) operates retail drugstores that offer a wide variety of prescription and non-prescription drugs, as well as general merchandise. The Company operates stores throughout the United States. the company also offers health services, including primary and acute care, wellness, pharmacy and disease management services.
The peaks and troughs algorithm shows calculated support at $28.53 and calculated resistance at $37.35. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Walgreen should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.
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