Above Resistance: SAIC
Published on Wednesday, 24 April 2013 07:28 Written by TradersHuddle Wire
New York, April 24th (TradersHuddle.com) - Shares of SAIC, Inc. (NYSE:SAI) closed the session at $14.20 just above calculated resistance at $14.16. The stock moved to what appears to be a higher range, spurring attention from momentum buyers.
SAIC, Inc. (NYSE:SAI) provides scientific, engineering, systems integration and technical services and solutions in such areas as national security, intelligence and homeland defense.
The stock was trading in a well defined range with support at $11.20 and resistance at $14.16. Given that this range was broken, traders will be closely monitoring SAIC'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 SAIC is still near the broken resistance level, traders will be focusing on the $14.16 level to see if the stock holds the breakout without rolling over.