Chiquita Brands Approaching its 200 Day

Published on Monday, 02 August 2010 06:52 Written by Christian Paolinetti

New York, August 2nd (TradersHuddle.com) - Shares of Chiquita Brands International, Inc. (NYSE:CQB) closed the trading session at $14.68 near its 200 day moving average currently set at $15.36. Chiquita Brands' price action is below this important level, which makes the stock difficult to buy, as there will certainly be resistance as it approaches its 200 day moving average.

Chiquita Brands International, Inc. (NYSE:CQB) markets, produces, and distributes fresh bananas and other fresh produce. The Company also distributes and markets fresh-cut fruit and other branded fruit products.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $12.92 and calculated resistance at $13.85. These levels are being closely watched by traders, as they provide great reference points for the latest price dynamics in Chiquita Brands shares.

Traders should evaluate their trade if they want to establish a position on Chiquita Brands given the resistance expected as the stock approaches the 200 day moving average. A trade might materialize as the stock manages to break this important level, as it could be used as support going forward, however until the break materializes, traders need to exercise patience. Other levels that traders will be evaluating are the ones defined by the peak and troughs algorithm that provides great price action reference points.