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State Street (STT) Breaks Through Resistance at $58.97

Published on Fri, 03/08/2013 - 13:41
By Adrienne Chilton

Shares of State Street (NYSE:STT) have bullishly opened above the pivot of $58.61 today and have reached the first resistance level of $58.97. Analysts will be watching for a cross of the next upside pivot targets of $59.27 and $59.93.

State Street Corporation services institutional investors and manages financial assets worldwide. The Company's products and services include custody, accounting, administration, daily pricing, international exchange services, cash management, financial asset management, securities lending, and investment advisory services.

State Street (NYSE:STT) is currently priced 0.7% above its average consensus analyst price target of $58.80. The stock should discover initial support at its 50-day moving average (MA) of $53.88 and subsequent support at its 200-day MA of $45.71.

State Street share prices have moved between a 52-week high of $59.72 and a 52-week low of $38.95 and are now trading 52% above that low price at $59.20 per share. The 200-day and 50-day moving averages have moved 0.70% higher and 1.72% higher over the past week, respectively.

By Adrienne Chilton
achilton@fnno.com