Symantec Corp (NASDAQ: SYMC) Reverses At Support Says Market Timer Frank Kollar
March 8, 2007
Shares of Symantec Corp (NASDAQ: SYMC), the leading producer of anti-virus software for individuals and corporations, as well as data protection and data recovery programs, have been trending lower since reaching new all time highs in December 2004.
The long-term declining trend has not reversed, but a technical rebound may be in the works that short-term traders should be able to profit from. Wednesday’s trading reached $16.39 a share intra-day, which is the 78.6% retracement of Symantec’s July-October 2006 rally, and then reversed. We should see continued buying here and there is a good chance for shares to reach $19.00 to $19.75 in coming weeks.
Should Symantec make a decisive close below $16.39 a share, this forecast would be invalidated. The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds positions in S&P 500 and Nasdaq 100 stocks that meet our trending requirements.
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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