Insider Buy Takes Denbury Resources To Key Resistance Level

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Denbury Resources Inc. DNR shares are trading higher by $0.15 (4.5 percent) at $3.32 in Wednesday's session. Investors are following the lead of COO Chris Kendall who has purchased 155,000 shares.

The move has instigated a higher open ($3.32 vs. Wednesday's close of $3.17), but the issue so far has only traded in a $0.07 range ($3.27 to $3.34).

The reason for this being is the issue is now at a key resistance area. Over the last four sessions, the issue has topped out between $3.33 and $3.38. If the rally can continue, one other minor resistance area may be at its September 8 high ($3.48). Beyond that level rests a pair of highs from July 12 ($3.74) and July 13 ($3.73).

Posted In: NewsTechnicalsInsider TradesIntraday UpdateMoversTrading Ideas
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