Trading Idea: What to Expect as CenturyLink Breaks Resistance
Published on Tuesday, 05 March 2013 06:56 Written by TradersHuddle Wire
New York, March 5th (TradersHuddle.com) - Shares of CenturyLink, Inc. (NYSE:CTL) closed the session at $35.11 just above calculated resistance at $34.94. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
CenturyLink, Inc. (NYSE:CTL) is an integrated communications company. The Company provides a wide range of communications services, including local and long distance voice, Internet access and broadband services. CenturyTel operates throughout the United States.
The stock was trading in a well defined range with support at $32.05 and resistance at $34.94. Given that this range was broken, traders will be closely monitoring CenturyLink's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that CenturyLink is still near the broken resistance level, traders will be focusing on the $34.94 level to see if the stock holds the breakout without rolling over.
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