Is Kellogg Expecting Resistance Soon?
Published on Friday, 22 June 2012 06:40 Written by TradersHuddle Wire
New York, June 22nd (TradersHuddle.com) - Kellogg Company (NYSE:K ) ended the trading session at $48.81, near its 50 day moving average set at $50.37. Kellogg's price action placed the stock below this important level, which makes it difficult to be bought, as the stock will certainly face resistance as it approaches its 50 day moving average.
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 $47.88 and resistance at $53.35. These levels will be closely monitored, as they provide great insight into the latest price dynamics.
If traders want to establish a position in Kellogg, given the resistance expected as the stock approaches its 50 day moving average, a trade might materialize as the stock manages to break this important technical level. After the breakout, the 50 day moving average could be used as support going forward. However, until the break materializes, buying the stock is basically a gamble with 50-50 chance.
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