Goodyear Closing in to Support

Published on Wednesday, 07 July 2010 06:28 Written by Christopher Lynn

New York, July 7th (TradersHuddle.com) - Shares of The Goodyear Tire & Rubber Company (NYSE:GT) are trading very close to calculated support at $9.65 with current price action closing at just $10.01 places the stock price near levels where traders will start paying attention.

The Goodyear Tire & Rubber Company (NYSE:GT) main activities are to develop, manufacture, market and distribute tires and rubber products. The products include lines of power transmission belts, hoses, rubber products for transportation industry and rubber-related chemicals for various applications. The company?s trademarks include Goodyear and Dunlop.

Goodyear's current stock range is defined by current calculated support defined at $9.65 and by the resistance level at $12.62, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Goodyear'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 $12.62 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.