U.S. Bancorp Closing in to Support

Published on Monday, 30 August 2010 06:04 Written by Christian Paolinetti

New York, August 30th (TradersHuddle.com) - Shares of U.S. Bancorp (NYSE:USB) are trading very close to calculated support at $20.89 with current price action closing at just $21.66 places the stock price near levels where traders will start paying attention.

U.S. Bancorp (NYSE:USB) is a diversified financial services company that provides lending and depository services, and cash management. The Company also provides credit card services, mortgage banking, insurance, brokerage, and leasing. U.S Bancorp operates in the Midwest and Western United States.

U.S. Bancorp's current stock range is defined by current calculated support defined at $20.89 and by the resistance level at $24.48, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to U.S. Bancorp'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 $24.48 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.