New York, April 19th (TradersHuddle.com) - Shares of BB&T Corporation (NYSE:BBT) closed the trading session at $29.27 below calculated support at $29.82. The stock broke long setups, prompting the bulls to worry that this move might give the bears the upper hand.
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 was trading in a well defined range with support at $29.82 and resistance at $31.43; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $29.82 will remain in focus as BB&T's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in BB&T can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $29.82. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
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