Trading Idea - Is Regions Financial close to Support?

Published on Sunday, 15 August 2010 21:20 Written by Christopher Lynn

New York, August 15th (TradersHuddle.com) - Shares of Regions Financial Corporation (NYSE:RF) are trading very close to calculated support at $6.93 with current price action closing at just $7.15 places the stock price near levels where traders will start paying attention.

Regions Financial Corporation (NYSE:RF) is a regional multi-bank holding company. The Company provides mortgage banking, leasing, commercial accounts receivable factoring, specialty mortgage financing, and securities brokerage services. Regions provides banking services throughout the South, Midwest, and Eastern United States.

Regions Financial's current stock range is defined by current calculated support defined at $6.93 and by the resistance level at $7.72, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Regions Financial's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $7.72 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.