PepsiCo Broke Resistance; BB&T Close to its 200day

 

By TradersHuddle.com

After stocks slumped and the S&P 500 turned negative for the year amid euro zone debt jitters, we identified the following trading ideas.

 

Shares of PepsiCo PEP closed the trading session at $65.91, effectively breaking out and closing above calculated resistance at $65.40. The stock gathered the attention of momentum traders, which pushed it to a different trading range.

 

PepsiCo, Inc. operates worldwide beverage, snack and food businesses. The Company manufactures or uses contract manufacturers, market and sell a variety of grain-based snacks, carbonated and non-carbonated beverages. Some of the products offered are Cheetos, Tostitos tortilla chips, Ruffles potato chips, SunChips multigrain snacks. The beverages unit sells beverage concentrates, fountain syrups, and finished goods under the Pepsi, Mountain Dew, Gatorade, 7UP, and Sierra Mist names among others.

 

PepsiCo's stock was trading in a well-defined range with support at $62.25 and resistance at $65.40; given that this range was broken, traders will be closely monitoring the stock in the coming sessions.

 

Another idea is BB&T Corp. BBT. The regional bank based in Winston Salem, NC ended the session at $24.98, near its 200day moving average currently set at $24.36. BB&T's price action is just above this key support level, which raised a possible trading opportunity.

 

Traders wanting to establish a position on BB&T will be looking at the price action for evidence of buying near the 200 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.

 

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $21.03 and calculated resistance at $25.57. Traders will certainly watch these levels, as they provide insight into the latest price dynamics defined by BB&T stock.

 

BB&T Corporation (NYSE:BBT) operates banking locations in North and South Carolina, Georgia, Virginia, Maryland, West Virginia, Kentucky, Alabama, Indiana, Washington D.C., Florida and Tennessee. The Company offers full-service commercial and retail banking, as well as insurance, retail brokerage, corporate finance, and international banking.

Posted In: Long IdeasShort IdeasMarketsTrading IdeasBB&Tpepsico
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