Trading Idea: - Is E*TRADE close to Resistance?

New York, December 24th (TradersHuddle.com) - Shares of E*TRADE Financial Corporation (NASDAQ:ETFC) are trading very close to calculated resistance at $8.90. The stock ended the trading session at just $8.83, which is near levels that make it difficult to buy or start a position.

E*TRADE Financial Corporation (NASDAQ:ETFC) provides online brokerage and related products and services primarily to individual retail investors. The company offers investor-focused banking, primarily sweep deposits and savings products.

E*TRADE's stock range is defined by its calculated support defined at $8.19 and by the resistance level at $8.90; 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 E*TRADE. However, as the stock pulls back towards $8.19 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $8.90 then traders will get an opportunity to enter the stock as it moves to a higher range.

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o Dow Jones 17,042.90 ▼28.32 (-0.17%)
o S&P 500 1,972.29 ▼5.51 (-0.28%)
o NASDAQ 4,493.39 ▼12.46 (-0.28%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,042.90 Trade time:4:38PM EDT Value change:▼28.32 (-0.17%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:1,972.29 Trade time:4:38PM EDT Value change:▼5.51 (-0.28%)
INDEXNASDAQ:.IXIC

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Company ID [INDEXNASDAQ:.IXIC] Last trade:4,493.39 Trade time:5:15PM EDT Value change:▼12.46 (-0.28%)

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