Approaching Resistance: Sanofi-Aventis
Published on Thursday, 28 March 2013 08:16 Written by TradersHuddle Wire
New York, March 28th (TradersHuddle.com) - Shares of Sanofi-Aventis (NYSE:SNY) are trading very close to calculated resistance at $50.93. The stock ended the trading session at just $50.15, which is near levels that make it difficult to buy or start a position.
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.
Sanofi-Aventis' stock range is defined by its calculated support defined at $46.16 and by the resistance level at $50.93; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Sanofi-Aventis . However, as the stock pulls back towards $46.16 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $50.93 then traders will get an opportunity to enter the stock as it moves to a higher range.