Trading Idea: - Is Priceline.com close to Resistance?
Published on Friday, 08 March 2013 08:28 Written by TradersHuddle Wire
New York, March 8th (TradersHuddle.com) - Shares of Priceline.com Incorporated (NASDAQ:PCLN) are trading very close to calculated resistance at $728.70. The stock ended the trading session at just $719.03, which is near levels that make it difficult to buy or start a position.
Priceline.com Incorporated (NASDAQ:PCLN) operates as an online travel company that enables consumers to save money on a variety of products and services. The Company allows customers to name their own price on products or services and communicates that demand directly to participating sellers or to their private databases. Participants include domestic and international airlines, and hotel chains.
Priceline's stock range is defined by its calculated support defined at $665.05 and by the resistance level at $728.70; 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 Priceline.com . However, as the stock pulls back towards $665.05 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $728.70 then traders will get an opportunity to enter the stock as it moves to a higher range.
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