Trading Idea - Is Stericycle close to Support?

Published on Wednesday, 28 July 2010 05:16 Written by Christopher Lynn

New York, July 28th (TradersHuddle.com) - Shares of Stericycle, Inc. (NASDAQ:SRCL) are trading very close to calculated support at $63.10 with current price action closing at just $64.51 places the stock price near levels where traders will start paying attention.

Stericycle, Inc. (NASDAQ:SRCL) provides regulated medical waste management services. The Company offers waste collection, transportation, treatment, and disposal to customers in the United States, Canada, Mexico, Argentina, Chile, the United Kingdom and Ireland.

Stericycle's current stock range is defined by current calculated support defined at $63.10 and by the resistance level at $67.00, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Stericycle's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $67.00 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.