Sanofi-Aventis near Support

Published on Wednesday, 25 January 2012 08:44 Written by Danny Miller

New York, January 25th (TradersHuddle.com) - Shares of Sanofi-Aventis (NYSE:SNY) are trading very close to calculated support at $35.09 with current price action closing at just $36.29 places the stock price near levels where traders will start paying attention.

Sanofi-Aventis' current stock range is defined by current calculated support defined at $35.09 and by the resistance level at $37.44, which should be used by traders planning their trades. These support and resistance levels are based on an algorithm of peaks and troughs of the stock price action.

Traders wanting to establish a position should place close attention to Sanofi-Aventis' price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $37.44 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Sanofi-Aventis (NYSE:SNY) is a global pharmaceutical company that researches, develops and manufactures prescription pharmaceuticals and vaccines. The Company develops cardiovascular, thrombosis, metabolic disorder, central nervous system, internal medicine and oncology drugs, and vaccines.