New York, January 31st (TradersHuddle.com) - BB&T Corporation (NYSE:BBT) closed the trading day at $30.56, near its 50 day and 200 day moving averages set at $29.37 and $30.65 respectively. BB&T's price action placed the stock above the 50 day moving average but below its 200 day moving average, providing a nice trading setup with clear reference points.
BB&T Corporation (NYSE:BBT) operates banking locations in North and South Carolina, Georgia, Virginia, Maryland, West Virginia, Kentucky, Alabama, Indiana, Washington D.C., Florida and Tennessee. The Company offers full-service commercial and retail banking, as well as insurance, retail brokerage, corporate finance, and international banking.
BB&T seems to be setting up for a tight range between the 50 day moving average as support and the 200 day moving average serving as resistance.
A tiered approach appears to be the best way to maximize possible movements in the stock, as traders could establish a small position in BB&T and wait for the stock to break out above the 200 day moving average at $30.65. Then they could add to the position as momentum builds with the breakout. On the other hand, if support being referenced at the 50 day moving average set at $29.37 breaks, it could signal further downside for BB&T in the horizon.
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