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Nearest Resistance: $21.50
Nearest Support: $16.50
Catalyst: Board Change
Avon Products(AVP - Get Report) is up close to 6% as I write, following news that former CEO Andrea Jung would be stepping down as executive chairman of Avon's board. Shares fell hard and profits declined during Jung's time as CEO, and many investors felt that her presence as executive chairman of the board meant that Avon wasn't giving its old approach a clean break. While her exit as a board member at the end of the year is a big shift, Jung will continue to be a special advisor to the board starting in 2013.
From a technical standpoint, this stock looks attractive. Shares have been basing for most of the last few months, and following today's break higher, shares are much closer to support than they are to resistance. That tips the risk/reward in favor of buyers in October. For folks who decide to buy, I'd recommend keeping a protective stop nearby.
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-- Written by Jonas Elmerraji in Baltimore.