Vmware Is Near Resistance
Published on Monday, 24 June 2013 06:48 Written by TradersHuddle Wire
New York, June 24th (TradersHuddle.com) - Shares of VMware, Inc. (NYSE:VMW) are trading very close to calculated resistance at $72.26. The stock ended the trading session at just $69.83, which is near levels that make it difficult to buy or start a position.
VMware, Inc. (NYSE:VMW) provides virtualization solutions for the desktop computer and data centers. Its solution products address a range of IT problems, which include cost and operational inefficiencies, business continuity, software lifecycle management and desktop management.
Vmware's stock range is defined by its calculated support defined at $66.46 and by the resistance level at $72.26; 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 Vmware. However, as the stock pulls back towards $66.46 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $72.26 then traders will get an opportunity to enter the stock as it moves to a higher range.
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