Leading manufacturer and marketer of ready to eat cereal and convenience foods company, Kellogg Co (K), is declining again this morning. The cereal giant has been under pressure since topping out on July 30th, 2020 at $72.88 a share. Today, the stock is trading lower by $1.03 to $64.59 a share. The stock has now broken below it’s important 200-day moving average. This will usually indicate near term weakness and lower share prices ahead.
At this time, the $62.00 level looks to be the next major support level for Kellogg stock. This support area is where the 100-week moving average is located. It is also a level where Kellog stock broke out to the upside in late May 2020. Often, prior break-out levels will serve as excellent support when initially retested. I will be looking at a long side trade in Kellogg stock around the key support level.
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