NEW YORK — Shares of Avon Products closed below the 50-day moving average of $29.15. Technical analysts and investors who study trading patterns will view this development as a sign of weakness. The price when compared to the moving average can be used as an indicator to determine the trend.
Today’s closing price of $28.95 $0.66(-2.23%) may indicate that AVP may head lower in the foreseeable future assuming the moving average continues to decrease. On the volume side, 1,561,066 shares exchanged hands versus the average volume of 3,871,760. Today, the stock price ranged between $28.92 – $29.65 and the stock’s 52 week low is 25.0 and the high is 36.39.
Other relevant figures to examine are the support and resistance levels. Based on the pivot points, the current support and resistance levels for AVP are 28.69 and 29.42 respectively. If the support point price is broken in an downward movement, then the bearish trend is likely to continue and vice versa.
Published on 08/30/2010 by Leo Goldman (Market Intellisearch)
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