Approaching Support: DuPont
Published on Monday, 07 May 2012 08:28 Written by TradersHuddle Wire
New York, May 7th (TradersHuddle.com) - Shares of E.I. DuPont de Nemours & Co. (NYSE:DD) are trading very close to calculated support at $50.44 with price action closing at just $52.89 and placing the stock near levels where traders will start paying attention.
DuPont's stock range is defined by its calculated support defined at $50.44 and by the resistance level at $53.75, 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 DuPont'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 $53.75 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
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
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