Tim Bourquin highlights this stock's latest test at longtime resistance, and two ways traders can approach it.
Piedmont Office Realty Trust (PDM) recently crossed above its 200-day moving average, and looks to be testing a price level it previously tested no less than four times since late April.
Here is a recent daily chart:
Traders can look at this in two ways:
Looking back further on a weekly chart, the previous high of just under $20 will make for the next resistance level.
If it breaks through that as well, the sky is the limit and a trailing stop of around 50 cents would be appropriate.