Trading Idea: - Is Monster Worldwide close to Resistance?
Published on Thursday, 02 May 2013 06:36 Written by TradersHuddle Wire
New York, May 2nd (TradersHuddle.com) - Shares of Monster Worldwide, Inc. (NYSE:MWW) are trading very close to calculated resistance at $4.50. The stock ended the trading session at just $4.29, which is near levels that make it difficult to buy or start a position.
Monster Worldwide, Inc. (NYSE:MWW) through its subsidiaries, offers help wanted advertisements over the Internet. The Company charges employers and human resource professionals to post and search advertisements, and allows job seekers to search job postings and post their resumes free of charge.
Monster's stock range is defined by its calculated support defined at $4.02 and by the resistance level at $4.50; 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 Monster Worldwide. However, as the stock pulls back towards $4.02 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $4.50 then traders will get an opportunity to enter the stock as it moves to a higher range.