UGI Closing in to Support

Published on Sunday, 22 August 2010 22:08 Written by Christopher Lynn

New York, August 22nd (TradersHuddle.com) - Shares of UGI Corporation (NYSE:UGI) are trading very close to calculated support at $26.51 with current price action closing at just $27.45 places the stock price near levels where traders will start paying attention.

UGI Corporation (NYSE:UGI) distributes and markets energy products and services. The Company distributes and markets propane, butane, natural gas, and electricity for the eastern part of the United States, inlcuding the Middle Atlantic region.

UGI's current stock range is defined by current calculated support defined at $26.51 and by the resistance level at $28.20, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to UGI'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 $28.20 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.