Trading Idea - DuPont Breaking Out?

Published on Thursday, 02 February 2012 09:44 Written by TradersHuddle Staff

New York, February 2nd (TradersHuddle.com) - Shares of E.I. DuPont de Nemours & Co. (NYSE:DD) closed the trading session at $51.56 just above calculated resistance at $51.50 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

E. I. Du Pont de Nemours and Company (NYSE:DD) is a global chemical and life sciences company, with businesses that include agriculture and industrial biotechnology, chemistry, biology, materials science and manufacturing. The Company operates globally and offers a wide range of products and services for markets including agriculture and food, building and construction, electronics and communications. DuPont, with 60,000 employees worldwide, was founded in 1802 and its headquartered in Wilmington, DE

DuPont's stock was trading in a well defined range with support at $43.06 and resistance at $51.50, given that this range was broken traders will be closely monitoring the stock