Approaching Resistance - Fidelity National

Published on Wednesday, 01 September 2010 08:28 Written by Christian Paolinetti

New York, September 1st (TradersHuddle.com) - Shares of Fidelity National Financial, Inc. (NYSE:FNF) are trading very close to calculated resistance at $14.97 with the current price action closing at just $14.50 placing the stock near levels that make it difficult to buy.

Fidelity National Financial, Inc. (NYSE:FNF) provides title insurance and escrow and other title-related products and services. Its operations are conducted on a direct basis through its own employees who act as title and escrow agents and through independent agents.

Fidelity National's current stock range is defined by current calculated support defined at $13.98 and by the resistance level at $14.97, 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 Fidelity National, as the stock is well above support, however, as the stock pulls back towards $13.98 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 $14.97 then traders will get an opportunity to enter Fidelity National stock by establishing a position as the stock moves to a higher range.