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May 15, 2006
SYMC Shows Some Relative Strength
Symantec (SYMC) has been beaten up over the last few 15 months and managed to firm over the last three months. The big trend is clearly down, but I was impressed with the ability of this stock to hold firm the last three days. Volume was above average three of the last four days and the stock is consolidating around resistance at 16.5 (gray oval). There have been a number of false breakouts in the past year and there is reason to be skeptical. However, the stock shows good relative strength the last few weeks and would likely break resistance with a tech turnaround. A move above 18 opens the door to the low 20s.
Posted by Arthur B. Hill at May 15, 2006 03:15 PM