Approaching Support- Express Scripts

Published on Tuesday, 31 August 2010 06:16 Written by Christian Paolinetti

New York, August 31st (TradersHuddle.com) - Shares of Express Scripts, Inc. (NASDAQ:ESRX) are trading very close to calculated support at $43.26 with current price action closing at just $43.67 places the stock price near levels where traders will start paying attention.

Express Scripts, Inc. (NASDAQ:ESRX) is a full service pharmacy benefit management and specialty managed care company. The Company serves managed care organizations, insurance carriers, third party administrators, employers, and union-sponsored benefit plans.

Express Scripts current stock range is defined by current calculated support defined at $43.26 and by the resistance level at $46.72, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Express Scripts 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 $46.72 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.