Brown-Forman Broke Resistance

Published on Tuesday, 24 January 2012 05:32 Written by Christian Paolinetti

New York, January 24th (TradersHuddle.com) - Shares of Brown-Forman Corporation (NYSE:BF.B) closed the trading session at $82.36 just above calculated resistance at $81.41 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

Brown-Forman Corporation (NYSE:BF.B) manufactures, bottles, imports, exports, and markets alcoholic beverage. It offers consumer beverage alcohol products, including Tennessee, Canadian, and Kentucky whiskeys; Kentucky bourbon; tequila; vodka; liqueurs; California sparkling wine; table wine; and ready-to-drink products. The company provides its products under mnay brands, including Jack Daniel's Tennessee Whiskey, Herradura Tequila, Finlandia Vodka, Sonoma-Cutrer Wines, el Jimador Tequila, and Woodford Reserve Bourbon. and Fetzer Wines band names. Brown-Forman sell its products worldwide and is based in Louisville, Kentucky.

Brown-Forman's stock was trading in a well defined range with support at $76.95 and resistance at $81.41, given that this range was broken traders will be closely monitoring the stock