Close to the 50 Day - Hershey

Published on Tuesday, 07 February 2012 08:44 Written by TradersHuddle Wire

New York, February 7th (TradersHuddle.com) - Shares of Hershey Company (NYSE:HSY) closed the trading day at $61.01 close to its 50 day moving average currently set at $60.09. Hershey's price action is just above this important support level translating into a trading opportunity.

Hershey Company (NYSE:HSY) manufactures chocolate and sugar confectionery products. The Company's principal products include confectionery and snack products; gum and mint refreshment products; and food and beverage enhancers such as baking ingredients, toppings and beverages.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $55.32 and calculated resistance at $62.26. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Hershey will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.