New York, August 17th (TradersHuddle.com) - State Street Corporation (NYSE:STT) closed the the trading session at $41.57, near its 50 day and 200 day moving averages currently set at $42.24 and $41.98 respectively. State Street's price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.State Street Corporation (NYSE:STT), through its subsidiaries, provides various products and services for the institutional investors worldwide. The company provides securities administration and investment management services. The company serves mutual funds, collective investment funds, corporate and public retirement plans, insurance companies, foundations, endowments, and investment managers.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $38.95 and resistance at $41.97. Traders should monitor these levels, as they provide insight into the latest price dynamics in State Street.
If traders want to establish a position on State Street, given the heavy resistance expected near the 50 and 200 day
moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.