New York, May 8th (TradersHuddle.com) - Shares of State Street Corporation (NYSE:STT) closed the session at $59.68 just above calculated resistance at $58.75. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
State Street Corporation (NYSE:STT), through its subsidiaries, provides various products and services for the institutional investors worldwide. The company provides securities administration and investment management services. The company serves mutual funds, collective investment funds, corporate and public retirement plans, insurance companies, foundations, endowments, and investment managers.
The stock was trading in a well defined range with support at $54.57 and resistance at $58.75. Given that this range was broken, traders will be closely monitoring State Street'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 State Street is still near the broken resistance level, traders will be focusing on the $58.75 level to see if the stock holds the breakout without rolling over.
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