Technical analysis shows the software security company Symantec is set to rise.
Symantec Corp. stayed in a trading range mostly between $13 (U.S.) and $20 from 2009 to 2012 (dashed lines). The subsequent rise signalled the breakout from this large area of accumulation and the start of a new major up-trend (A). Symantec had an orderly pullback to its rising 40-week moving average (40wMA - B) and now appears ready to resume the up-trend (C). Only a decline below $21-$22 would be negative.
Point & Figure measurements provide an initial target of $29. The large trading range supports higher targets.
Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.
Monica Rizk
Ron Meisels