Plum Creek Timber Closing in to Support

Published on Friday, 27 August 2010 04:28 Written by Christopher Lynn

New York, August 27th (TradersHuddle.com) - Shares of Plum Creek Timber Company, Inc. (NYSE:PCL) are trading very close to calculated support at $33.11 with current price action closing at just $33.56 places the stock price near levels where traders will start paying attention.

Plum Creek Timber Company, Inc. (NYSE:PCL) grows, harvests, and markets timber and logs, and manufactures forest products such as lumber and plywood. The Company owns timberlands located in the United States. Plum Creek also owns natural resource businesses that focus on mineral extraction and natural gas production

Plum Creek's current stock range is defined by current calculated support defined at $33.11 and by the resistance level at $38.90, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Plum Creek'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 $38.90 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.