Is IMAX Breaking Out?
Published on Wednesday, 10 April 2013 09:56 Written by TradersHuddle Wire
New York, April 10th (TradersHuddle.com) - Shares of Imax Corporation (NYSE:IMAX) closed the session at $27.31 just above calculated resistance at $26.86. The stock moved to what appears to be a higher range, spurring attention from momentum buyers.
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.
The stock was trading in a well defined range with support at $25.76 and resistance at $26.86. Given that this range was broken, traders will be closely monitoring IMAX'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 IMAX is still near the broken resistance level, traders will be focusing on the $26.86 level to see if the stock holds the breakout without rolling over.
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