International Flavors & Fragrances Broke Resistance

Published on Wednesday, 28 July 2010 00:00 Written by Danny Miller

New York, July 28th (TradersHuddle.com) - Shares of International Flavors & Fragrances Inc. (NYSE:IFF) closed the trading session at $45.78 just above calculated resistance at $45.36 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

International Flavors & Fragrances Inc. (NYSE:IFF) creates and manufactures flavor and fragrance products. The products are sold to manufacturers of perfumes, cosmetics, soaps and detergents, and its flavor products to manufacturers of prepared foods, beverages, dairy foods, pharmaceuticals, and confectionery products.

International Flavors & Fragrances' stock was trading in a well defined range with support at $41.59 and resistance at $45.36, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that International Flavors & Fragrances' stock is still near the broken resistance level, traders will be focusing on $45.36 to see if the stock holds the breakout without rolling over.