E*TRADE Is Near a Key Resistance Area
Published on Friday, 19 July 2013 12:20 Written by TradersHuddle Wire
New York, July 19th (TradersHuddle.com) - Shares of E*TRADE Financial Corporation (NASDAQ:ETFC) are trading very close to calculated resistance at $13.70. The stock ended the trading session at just $13.34, which is near levels that make it difficult to buy or start a position.
E*TRADE Financial Corporation (NASDAQ:ETFC) provides online brokerage and related products and services primarily to individual retail investors. The company offers investor-focused banking, primarily sweep deposits and savings products.
E*TRADE's stock range is defined by its calculated support defined at $11.61 and by the resistance level at $13.70; 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 E*TRADE. However, as the stock pulls back towards $11.61 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $13.70 then traders will get an opportunity to enter the stock as it moves to a higher range.
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