Avon Looking at the Abyss
Published on Thursday, 31 May 2012 12:34 Written by TradersHuddle Wire
New York, May 31st (TradersHuddle.com) - Shares of Avon Products Inc. (NYSE:AVP) booked a new 52 week low by trading below $16.09. Traders are definitely monitoring Avon's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.
Avon Products, Inc. (NYSE:AVP) manufactures and direct sells beauty and related products. The Company markets its products to consumers worldwide through independent sales representatives.
Avon is currently trading 1.39% versus its previous trading session close, and it has calculated support and resistance at $16.10 and $22.13 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 -0.26% from its previous trading close, which means that Avon stock is outperforming the overall market.
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