Trading Idea: - Is Baxter International close to Resistance?
Published on Wednesday, 20 March 2013 07:56 Written by TradersHuddle Wire
New York, March 20th (TradersHuddle.com) - Shares of Baxter International, Inc. (NYSE:BAX) are trading very close to calculated resistance at $70.53. The stock ended the trading session at just $69.37, which is near levels that make it difficult to buy or start a position.
Baxter International Inc. (NYSE:BAX) develops, manufactures, and markets products and technologies related to hemophilia, immune disorders, infectious diseases, kidney disease, trauma and other chronic medical conditions. The healthcare products are used by hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and research laboratories.
Baxter's stock range is defined by its calculated support defined at $65.20 and by the resistance level at $70.53; 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 Baxter International. However, as the stock pulls back towards $65.20 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $70.53 then traders will get an opportunity to enter the stock as it moves to a higher range.
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