Written by TradersHuddle Staff
Monday, 15 March 2010 18:48
New York, March 15th (TradersHuddle.com) - Shares of The Goodyear Tire & Rubber Company (NYSE:GT) are trading very close to calculated resistance at $14.01 with the current price action closing at just $13.74 placing the stock near levels that make it difficult to buy.
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 $12.57 and by the resistance level at $14.01, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.
Traders don't have a clear entry point for Goodyear, as the stock is well above support, however, as the stock pulls back towards $12.57 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $14.01 then traders will get an opportunity to enter Goodyear stock by establishing a position as the stock moves to a higher range.
(tradershuddle.com)
Posts
0 nhận xét