IMAX Is Near a Key Resistance Area
Published on Thursday, 28 March 2013 09:00 Written by TradersHuddle Wire
New York, March 28th (TradersHuddle.com) - Shares of Imax Corporation (NYSE:IMAX) are trading very close to calculated resistance at $26.86. The stock ended the trading session at just $26.72, which is near levels that make it difficult to buy or start a position.
Imax Corporation (NYSE:IMAX) specializes in motion picture technologies and large-format film presentations. The company designs and manufactures projection and sound systems for large-screen theaters and designs custom attractions, including motion simulation theaters, for both large-scale attractions and smaller venues.
IMAX's stock range is defined by its calculated support defined at $25.03 and by the resistance level at $26.86; 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 IMAX. However, as the stock pulls back towards $25.03 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $26.86 then traders will get an opportunity to enter the stock as it moves to a higher range.
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