Sanofi-Aventis Is Near a Key Resistance Area
Published on Wednesday, 11 July 2012 08:28 Written by TradersHuddle Wire
New York, July 11th (TradersHuddle.com) - Shares of Sanofi-Aventis (NYSE:SNY) are trading very close to calculated resistance at $38.41. The stock ended the trading session at just $36.81, which is near levels that make it difficult to buy or start a position.
Sanofi-Aventis (NYSE:SNY) is a global pharmaceutical company that researches, develops and manufactures prescription pharmaceuticals and vaccines. The Company develops cardiovascular, thrombosis, metabolic disorder, central nervous system, internal medicine and oncology drugs, and vaccines.
Sanofi-Aventis' stock range is defined by its calculated support defined at $33.03 and by the resistance level at $38.41; 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 Sanofi-Aventis . However, as the stock pulls back towards $33.03 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $38.41 then traders will get an opportunity to enter the stock as it moves to a higher range.