When we look at the Sanofi (NASDAQ:SNY) chart, we can see that it’s been trading in a channel for the past week with support formed at $51.40 and resistance at $52.90. It was last found trading at $52.46 between support and resistance levels.
Sanofi has scheduled a quarterly earnings announcement today. If earning expectations are surpassed, we could expect the price to move upwards, towards the $55 price range.
Today we can expect a move towards the $52.90 resistance, possibly further into the $54 price range, anticipating positive news. If, however, it doesn’t manage to hold on to the current level, then a move below the closest support of $52 and into the $51 range.