The technology sector outperformed the broader market in Friday trading session. Within the space, SAP Aktiengesellschaft ADR (SAP) surged to new all-time high, up 2.63% to 77.21. This is bullish from a technical perspective. In fact, as the chart below indicated, SAP could climb up to test the important 80 mark as it extends recent winning streak. Just so that you know, initially profiled in November 15, 2012 “Swing Trader Bulletin” SAP had gained about 9% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which show the near-term technical bias and trading ranges for SAP. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – SAP Aktiengesellschaft ADR (daily)
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