Approaching Resistance - Tupperware Brands

Published on Monday, 21 November 2011 19:44 Written by Danny Miller

New York, November 21st (TradersHuddle.com) - Shares of Tupperware Brands Corporation (NYSE:TUP) are trading very close to calculated resistance at $56.34 with the current price action closing at just $54.46 placing the stock near levels that make it difficult to buy.

Tupperware Brands Corporation (NYSE:TUP) is a multinational direct selling company, which sell products across multiple brands and categories through an independent sales force. Its product brands and categories include food preparation, storage, and serving solutions for the kitchen and home. Tupperware Brands Corp also sells beauty and personal care products.

Tupperware's current stock range is defined by current calculated support defined at $52.90 and by the resistance level at $56.34, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Tupperware Brands, as the stock is well above support, however, as the stock pulls back towards $52.90 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $56.34 then traders will get an opportunity to enter Tupperware Brands stock by establishing a position as the stock moves to a higher range.