Trading Idea - Key levels for Cytec

Published on Friday, 27 January 2012 05:56 Written by Christian Paolinetti

New York, January 27th (TradersHuddle.com) - Shares of Cytec Industries Inc. (NYSE:CYT) are trading very close to calculated support at $48.77 with current price action closing at just $49.47 places the stock price near levels where traders will start paying attention.

Cytec's current stock range is defined by current calculated support defined at $48.77 and by the resistance level at $51.76, 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 Cytec's 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 $51.76 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Cytec Industries Inc. (NYSE:CYT) manufactures, and markets specialty chemicals, specialty materials, and building block chemicals. The Company serves various end users including aerospace, plastics, coatings, mining, paper, water treatment, and automotive industries.