Trading Idea - Key levels for Duke

Published on Friday, 03 September 2010 07:04 Written by TradersHuddle Staff

New York, September 3rd (TradersHuddle.com) - Shares of Duke Energy (NYSE:DUK) are trading very close to calculated support at $16.76 with current price action closing at just $17.28 places the stock price near levels where traders will start paying attention.

Duke Energy Corporation (NYSE:DUK) is an energy company that owns an integrated network of energy assets. The Company manages a portfolio of natural gas and electric supply, delivery, and trading businesses in the United States and Latin America.

Duke's current stock range is defined by current calculated support defined at $16.76 and by the resistance level at $17.23, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Duke'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 $17.23 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.