Below Support: Kellogg
Published on Friday, 01 June 2012 08:28 Written by TradersHuddle Wire
New York, June 1st (TradersHuddle.com) - Shares of Kellogg Company (NYSE:K ) closed the trading session at $48.78 below calculated support at $49.95. The stock broke long setups, prompting the bulls to worry that this move might give the bears the upper hand.
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.
Kellogg's stock was trading in a well defined range with support at $49.95 and resistance at $53.35; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $49.95 will remain in focus as Kellogg's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in Kellogg can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $49.95. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
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