Is BB&T Closing in to Resistance?
Published on Wednesday, 06 March 2013 06:24 Written by TradersHuddle Wire
New York, March 6th (TradersHuddle.com) - Shares of BB&T Corporation (NYSE:BBT) are trading very close to calculated resistance at $31.19. The stock ended the trading session at just $30.41, which is near levels that make it difficult to buy or start a position.
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's stock range is defined by its calculated support defined at $26.86 and by the resistance level at $31.19; 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 BB&T. However, as the stock pulls back towards $26.86 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $31.19 then traders will get an opportunity to enter the stock as it moves to a higher range.