Published on Thursday, 11 October 2012 07:20 Written by TradersHuddle Wire
New York, October 11th (TradersHuddle.com) - Avon Products Inc. (NYSE:AVP) closed the trading session at $17.15, near its 200 day moving average set at $17.65. Avon's stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 day moving average.
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.
Latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $15.80 and resistance at $17.56. Traders should closely monitor these levels, as they provide great reference points for the latest price action in Avon.
If traders want to establish a position on Avon, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.
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