Trading Idea: Key levels for DuPont
Published on Monday, 09 July 2012 08:44 Written by TradersHuddle Wire
New York, July 9th (TradersHuddle.com) - Shares of E.I. DuPont de Nemours & Co. (NYSE:DD) ended the trading session close to calculated support at $48.50, a level that will raise the attention of traders looking for an entry point.
DuPont's stock range is defined by its calculated support defined at $48.50 and by the resistance level at $51.47. This range could be used as a reference by traders planning their next move. The area where buyer interest might materialize is defined as calculated support. Stocks trading near support might see upside if it can successfully hold the technical level. However, this area if breached will signal participants that the stock failed to entice buyers to step in to support it.
Traders wanting to establish a position should pay close attention to DuPont's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $51.47 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
Shares of E.I. DuPont de Nemours & Co. closed at $48.90 in the prior trading session.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
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