Is Avon Closing in to Resistance?

Published on Thursday, 21 June 2012 07:56 Written by TradersHuddle Wire

New York, June 21st (TradersHuddle.com) - Shares of Avon Products Inc. (NYSE:AVP) are trading very close to calculated resistance at $16.50. The stock ended the trading session at just $16.13, which is near levels that make it difficult to buy or start a position.

Avon Products, Inc. (NYSE:AVP) manufactures and direct sells beauty and related products. The Company markets its products to consumers worldwide through independent sales representatives.

Avon's stock range is defined by its calculated support defined at $15.26 and by the resistance level at $16.50; 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 Avon. However, as the stock pulls back towards $15.26 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $16.50 then traders will get an opportunity to enter the stock as it moves to a higher range.

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