Marshall & Ilsley near Key Resistance Area

Published on Tuesday, 31 August 2010 08:00 Written by TradersHuddle Staff

New York, August 31st (TradersHuddle.com) - Shares of Marshall & Ilsley Corporation (NYSE:MI) are trading very close to calculated resistance at $6.59 with the current price action closing at just $6.38 placing the stock near levels that make it difficult to buy.

Marshall & Ilsley Corporation (NYSE:MI) is a diversified financial services corporation with banking locations throughout Wisconsin. The Company has additional locations in Arizona, Nevada, Florida, and Minnesota. Marshall & Ilsley also provides trust and investment management, equipment leasing, mortgage banking, financial planning, investments, insurance services, and data processing.

Marshall & Ilsley's current stock range is defined by current calculated support defined at $5.98 and by the resistance level at $6.59, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Marshall & Ilsley, as the stock is well above support, however, as the stock pulls back towards $5.98 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $6.59 then traders will get an opportunity to enter Marshall & Ilsley stock by establishing a position as the stock moves to a higher range.