Despite the overall weakness, shares of Polycom Inc (PLCM) attracted strong buying support, up more than 1 percent on strong volume to 48.79 on Tuesday trading session. This is bullish from a technical perspective. In fact, as the chart below indicated, the stock could follow the so-called trend channel higher, heading toward the 10-year high should prices move above key resistance level. Just so that you know, initially profiled in our January 4, 2011 “Swing Trader Bulletin” PLCM had gained more than 25 percents and remained well position.
The graphics below are from our “U.S. Market ETF Trading Map”, which shows the near-term technical bias for PLCM and the S&P 500 index. As shown, the underlying is in a short-term bullish trend when the price bars are in green. The underlying is in a short-term bearish trend when the price bars are in red. And 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).
Chart 1.1 – Polycom Inc (daily)
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