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July 26, 2005
Symantec Stalls
Before even starting to comment, Symantec (SYMC) reports earnings on Thursday and this will most likely move the stock. On the price chart, the stock surged in May, consolidated in June and broke resistance in July. Upside volume was strong and broken resistance turned into support around 23.7. The price chart is clearly bullish.
Earnings season is a difficult time for trading, but recent price action suggests a bullish report. A move below 23.5 would negate the breakout and call for a reassessment. For now, the breakout is holding and further strength towards 25-27 is expected.
Posted by Arthur B. Hill at July 26, 2005 07:37 AM