Kellogg Is Approaching Important Moving Averages
Published on Thursday, 17 May 2012 06:52 Written by TradersHuddle Wire
New York, May 17th (TradersHuddle.com) - Kellogg Company (NYSE:K ) closed the the trading session at $50.93, near its 50 day and 200 day moving averages currently set at $52.17 and $51.87 respectively. Kellogg's price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.
Kellogg Company (NYSE:K ) manufactures and markets ready-to-eat cereal and other convenience foods. The Company's products include cereals, cookies, crackers, toaster pastries, cereal bars, fruit snacks, frozen waffles and veggie foods. Kellogg markets its products in countries around the world.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $49.95 and resistance at $53.35. Traders should monitor these levels, as they provide insight into the latest price dynamics in Kellogg.
If traders want to establish a position on Kellogg, given the heavy resistance expected near the 50 and 200 day moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.
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