Sunday, February 17, 2008

Technology Sector Analysis for 02.17.2008


Monthly chart shows 5 waves up into current resistance of $28.60, which was made in November 2007. IF we have 5 waves, THEN look for abc 3 wave correction into the .618 fib level. No buy signa/pattern evident on this timeframe. Look for continued weakness and at the very least, a test of the january low.

Weekly chart shows the indecision faced by the bulls and the bears last week. Price remains below all key moving averages. Look for test of the January low.

Daily chart shows resistance at the $23.75 area holding for now. Friday saw bears gapping down the price at the open, and the bulls just managed to close the gap. Looks like more consolidation/trading range activity before the next move.

No comments: