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TheStreet Open House

Stocks Near Trend Line Support: June 15

NEW YORK ( Stockpickr) -- Get ready to trade with today's set of  stocks near trend line support .

Trend lines, which connect two or more stock price points, are a key aspect of technical analysis, defining price movement and indicating entry and exit points. Trend line support is an area that a stock's share price has difficulty moving below, the opposite of resistance, which indicates an area that the price has difficulty moving above. Identifying support levels can give traders insight into when to pull the trigger on a trade and how to minimize downside risk.

Trend line support is forecast by a positive-sloping trend line based on the formation of increasing support levels as time has progressed. Horizontal support, a type of trend line support, occurs at a point at which many buyers have historically entered a stock, thereby consistently buoying the price at that level.

Generally speaking, buying opportunities exist when a stock bounces off a long-term trend line, and shorting opportunities exist when a stock breaks downward through a long-term uptrend line.

To learn more about trend line trading and the different kinds of support levels to watch for, read our technical primer on trend line support.

The following stocks were trading near their trend line support today, according to the Finviz Trend Line Support Screener.

Buger King (BKC) franchises and operates fast food hamburger restaurants. The company is within the services sector and the restaurants industry.

The chart for Buger King is showing possible trend line support at around $ 18.50. Currently the stock is trading 0.27% below its 20-day simple moving average, 6.25% below its 50-day simple moving average, and 2.09% above its 200-day simple moving average. Furthermore, the stock is trading 14.28% below its 52-week high and 23.14% above its 52-week low. Buger King has a market cap of $2.57 billion and the short float is currently at 4.87%. The RSI is currently at 45.77.

Fastenal (FAST) is a North American leader in the wholesale distribution of industrial and construction supplies. The company is within the industrial goods sector and the materials and construction industry.

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