Avon near Support
Published on Thursday, 26 April 2012 08:28 Written by TradersHuddle Wire
New York, April 26th (TradersHuddle.com) - Shares of Avon Products Inc. (NYSE:AVP) are trading very close to calculated support at $21.45 with price action closing at just $21.84 and placing the stock near levels where traders will start paying attention.
Avon's stock range is defined by its calculated support defined at $21.45 and by the resistance level at $23.58, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.
Traders wanting to establish a position should pay close attention to Avon's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $23.58 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
Avon Products, Inc. (NYSE:AVP) manufactures and direct sells beauty and related products. The Company markets its products to consumers worldwide through independent sales representatives.