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Fan Yang

LogMein Inc. (LOGM) - Bulls in Charge With Support Shifted to $120

LogMein Inc. $LOGM has been a bit choppy, but remains in an overall bullish trend. Last week, we noted thatif price hangs on above $115, that LOGM was still bullish. Indeed, price mostly held above this level, except for a brief moment, and subsequently rallied. 

LOGM Daily Chart

(click to enlarge)

Bulls Remain in Control:
- The fact that price bounced up from $115 kept LOGM above the 200-day simple moving average as well as a rising trendline.
- The RSI held above 40, which suggests maintenance of the bullish momentum.
- Now, the market is choppy, but if it keeps going back down to $115, it would lose confidence in the bullish outlook.
- However, if the next pullback finds support at or above $120, I think that would suggest a confident bull market that could push to and possible above the current high around $135.