Approaching Resistance: Titanium Metals
Published on Wednesday, 23 January 2013 06:40 Written by TradersHuddle Wire
New York, January 23rd (TradersHuddle.com) - Shares of Titanium Metals Corporation (NYSE:TIE) are trading very close to calculated resistance at $16.67. The stock ended the trading session at just $16.50, which is near levels that make it difficult to buy or start a position.
Titanium Metals Corporation (NYSE:TIE) produces titanium melted and mill products. The Company's products include titanium sponge, melted products, mill products and industrial fabrications which are used in aerospace and industrial applications.
Titanium Metals' stock range is defined by its calculated support defined at $11.30 and by the resistance level at $16.67; 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 Titanium Metals. However, as the stock pulls back towards $11.30 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $16.67 then traders will get an opportunity to enter the stock as it moves to a higher range.
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