Approaching Resistance: DuPont
Published on Wednesday, 13 June 2012 07:04 Written by TradersHuddle Wire
New York, June 13th (TradersHuddle.com) - Shares of E.I. DuPont de Nemours & Co. (NYSE:DD) are trading very close to calculated resistance at $50.20. The stock ended the trading session at just $49.89, which is near levels that make it difficult to buy or start a 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
DuPont's stock range is defined by its calculated support defined at $46.44 and by the resistance level at $50.20; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for DuPont. However, as the stock pulls back towards $46.44 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $50.20 then traders will get an opportunity to enter the stock as it moves to a higher range.
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