Vale Broke Resistance

Published on Wednesday, 18 January 2012 06:32 Written by Christian Paolinetti

New York, January 18th (TradersHuddle.com) - Shares of Vale SA (NYSE:VALE) closed the trading session at $23.83 just above calculated resistance at $23.30 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

Companhia Vale do Rio Doce (NYSE:VALE), through its subsidiaries, operates as a diversified metals and mining company worldwide. Vale produces and sells iron ore, pellets, manganese, alloys, gold, nickel, copper, kaolin, bauxite, alumina, aluminum, and potash. The Company is based in Brazil, where it owns and operates railroads and maritime terminals.

Vale's stock was trading in a well defined range with support at $22.18 and resistance at $23.30, given that this range was broken traders will be closely monitoring the stock