Meltdown Continues At QLogic Corporation (NASDAQ: QLGC) Says Market Timer Frank Kollar
March 1, 2007 (By Frank Kollar)
Shares of QLogic Corporation (NASDAQ: QLGC), the designer and developer of storage networking infrastructure components sold to original equipment manufacturers, have broken below support levels that had held for two months. Many stocks suffered technical damage during Tuesday’s mini-crash, but on Wednesday, QLogic continued its decline.
The close below support at the $18.00 level leaves QLogic vulnerable to a decline to $17.37 in coming days. A close decisively below $17.37 would set QLogic up for continued declines to the $16.00 level.
Fibtimer.com (http://www.fibtimer.com) has a position in QLogic in its Stock Timing Portfolio.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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