Sanofi-Aventis Is Near its 200 Day Moving Average

Published on Wednesday, 18 July 2012 07:44 Written by TradersHuddle Wire

New York, July 18th (TradersHuddle.com) -Sanofi-Aventis (NYSE:SNY) closed the trading session at $37.64 near its 200 day moving average set at $36.00. Sanofi-Aventis' price action is just above this key support level, grabbing traders' attention for a possible trading opportunity.

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.

The latest price action range, defined by a peaks and troughs algorithm, places calculated support at $33.03 and resistance at $38.41. These levels will provide insight for the stock's latest price dynamics.

Traders wanting to establish a position on Sanofi-Aventis will look for evidence of buying near the 200 day moving average, before opening the position as close as possible to this key technical level. Also, they need to consider the latest range defined by the calculated support and resistance levels for insights on other key levels that might have an effect on future price movements.