New York, 31st (TradersHuddle.com) - Shares of The Goodyear Tire & Rubber Company (NYSE:GT) are trading very close to calculated support at $13.02 with current price action closing at just $13.34 places the stock price near levels where traders will start paying attention.
The Goodyear Tire & Rubber Company (NYSE:GT) main activities are to develop, manufacture, market and distribute tires and rubber products. The products include lines of power transmission belts, hoses, rubber products for transportation industry and rubber-related chemicals for various applications. The company?s trademarks include Goodyear and Dunlop.
Goodyear's current stock range is defined by current calculated support defined at $13.02 and by the resistance level at $14.37, which should be used by traders planning their trades.
Traders wanting to establish a position should place close attention to Goodyear's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $14.37 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.
(Source: tradershuddle.com)
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