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Symantec (SYMC) Pullback After Sharp Rally is Testing Key Support for the Bullish Scenario

Symantec rallied sharply at the start of July, climbing from a "sticky" price area around $21.50-$22 to $26. However the market couldn't maintain these gains for long, and price fell back down sharply now to test this $21.50-$22 area as support.

SYMC Daily Chart

(click to enlarge)

- SYMC has been in consolidation essentially sine May 2018. Price has been holding above $18 as a common support.
- However, it has been making higher highs.
- This dynamic suggests a subtle bullish bias in this consolidation.
- The July rally added more evidence for the bullish outlook.
- However, the subsequent pullback suggests bears are strong too.
- Now, this $21.50-$22 area will be like the line in the sand. 
- The past few times this area was tested, it failed to hold. Will it hold this time?
- If price does hold above and climb back above $24, there is upside to $26, and then to $27.5-$28 area, which was a previous support/resistance pivot area. 
- The RSI in this daily chart should also hold above 40 in the bullish scenario.

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