New York, March 8th (TradersHuddle.com) - Shares of Sanofi-Aventis (NYSE:SNY) closed the session at $49.09 just above calculated resistance at $48.75. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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 stock was trading in a well defined range with support at $46.16 and resistance at $48.75. Given that this range was broken, traders will be closely monitoring Sanofi-Aventis' price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Sanofi-Aventis is still near the broken resistance level, traders will be focusing on the $48.75 level to see if the stock holds the breakout without rolling over.
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