Trading Idea - Newell Rubbermaid Breaking Out?

Published on Sunday, 08 January 2012 18:44 Written by Christopher Lynn

New York, January 8th (TradersHuddle.com) - Shares of Newell Rubbermaid Inc. (NYSE:NWL) closed the trading session at $17.00 just above calculated resistance at $16.63 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

Newell Rubbermaid Inc. (NYSE:NWL) manufactures and markets branded consumer and commercial products which are sold through a variety of retail and wholesale distribution channels. Its products include housewares, juvenile products, home furnishings, office products, tools and hardware, and hair accessories. The company sell its products under several brands, including Rubbermaid, Graco, Sharpie, Paper Mate, and Lenox.

Newell Rubbermaid's stock was trading in a well defined range with support at $14.64 and resistance at $16.63, given that this range was broken traders will be closely monitoring the stock