Coca-Cola Enterprises Moving Above Resistance

Published on Friday, 12 March 2010 08:37 Written by Danny Miller

New York, March 12th (TradersHuddle.com) - Shares of Coca-Cola Enterprises, Inc. (NYSE:CCE) closed the trading session at $26.69 just above calculated resistance at $26.60 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

Coca-Cola Enterprises, Inc. (NYSE:CCE) engages in the manufacture, distribution, and marketing of nonalcoholic beverages. The company offers its products principally under the Coca-Cola classic, Sprite, Dasani, POWERade, Coca-Cola, Diet Coke/Coca-Cola light, Fanta, and Coca-Cola Zero brand names.

Coca-Cola Enterprises' stock was trading in a well defined range with support at $18.84 and resistance at $26.60, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that Coca-Cola Enterprises' stock is still near the broken resistance level, traders will be focusing on $26.60 to see if the stock holds the breakout without rolling over.