Avon Bears Firmly in Control

Published on Wednesday, 27 June 2012 12:34 Written by TradersHuddle Wire

New York, June 27th (TradersHuddle.com) - Shares of Avon Products Inc. (NYSE:AVP) booked a new 52 week low by trading below $15.26. 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 0.2% versus its previous trading session close, and it has calculated support and resistance at $14.89 and $16.21 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 higher by 0.97% from its previous trading close, which means that Avon stock is underperforming the overall market.