Shares of Symantec (SYMC) soared to the top of the S&P 500 on Thursday trading after the computer security firm reported solid earnings, up 5.2% on explosive volume to 20.42 – a new 52-week high. As a result, at least five brokerages raised their price targets for the company. This is definitely a positive sign going forward. In fact, as the chart below indicated, SYMC could climb above 22 and test the 3-year high after breaking out from the so-called bullish flag pattern. Just so that you know, initially profiled in our December 9, 2010 “U.S. Market ETF Trading Map” SYMC had gained about 20% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which shows the near-term technical bias for SYMC. 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 – Symantec (daily)
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