Walgreen Is Near a Key Resistance Area
Published on Monday, 29 April 2013 06:56 Written by TradersHuddle Wire
New York, April 29th (TradersHuddle.com) - Shares of Walgreen Company (NYSE:WAG) are trading very close to calculated resistance at $50.35. The stock ended the trading session at just $49.27, which is near levels that make it difficult to buy or start a position.
Walgreen Company (NYSE:WAG) operates retail drugstores that offer a wide variety of prescription and non-prescription drugs, as well as general merchandise. The Company operates stores throughout the United States. the company also offers health services, including primary and acute care, wellness, pharmacy and disease management services.
Walgreen's stock range is defined by its calculated support defined at $35.77 and by the resistance level at $50.35; 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 Walgreen. However, as the stock pulls back towards $35.77 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $50.35 then traders will get an opportunity to enter the stock as it moves to a higher range.
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