MeadWestvaco Broke Resistance

Published on Friday, 20 January 2012 06:24 Written by Danny Miller

New York, January 20th (TradersHuddle.com) - Shares of MeadWestvaco Corporation (NYSE:MWV) closed the trading session at $31.90 just above calculated resistance at $31.85 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

MeadWestvaco Corporation (NYSE:MWV) is a global packaging company that provides packaging solutions to the healthcare, personal and beauty care, food, beverage, tobacco, media and entertainment, and home and garden industries. Its other operations serve the consumer and office products, specialty chemicals, forestry and real estate markets.

MeadWestvaco's stock was trading in a well defined range with support at $29.13 and resistance at $31.85, given that this range was broken traders will be closely monitoring the stock