More Downside for International Flavors & Fragrances ?

Published on Monday, 19 December 2011 12:34 Written by Danny Miller

New York, December 19th (TradersHuddle.com) - Shares of International Flavors & Fragrances Inc. (NYSE:IFF) booked a new 52 week low by trading below $51.45, traders are definitely monitoring International Flavors & Fragrances' price action to see if this move attracts further selling, or it this last push down sets a tradable bottom in the stock.

International Flavors & Fragrances Inc. (NYSE:IFF) creates and manufactures flavor and fragrance products. The products are sold to manufacturers of perfumes, cosmetics, soaps and detergents, and its flavor products to manufacturers of prepared foods, beverages, dairy foods, pharmaceuticals, and confectionery products.

International Flavors & Fragrances is currently trading -0.56% versus its previous trading session close, and it has calculated support and resistance at $52.06 and $54.80 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.61% from its previous trading close, which means that International Flavors & Fragrances stock is outperforming the overall market.