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May 19, 2006
Three Techs That Held Firm This Week
Komag (KOMG) has been bucking the trend over the last five days and is moving higher on good volume today. The stock formed a falling price channel and is breaking resistance on Friday. The combination of good relative strength and an oversold Nasdaq could extend this bounce next week.
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Qlogic (QLGC) also held firm over the last few days and shows less weakness. The stock gapped down in early May and found support around 18. While the Nasdaq tanked the last six days, QLGC held support and is moving above resistance at 18.5 today.
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Cisco (CSCO) is the third stock that held firm over the last 5-6 days. The stock fell sharply 10-11 May and then firmed around 20. A large hammer formed on Monday and an inverted hammer on Thursday. The stock is moving higher on respectable volume today and shows good relative strength. If the Nasdaq rebounds, look for CSCO to lead.
Posted by Arthur B. Hill at May 19, 2006 03:12 PM