Likely Path Is Still Down For QLogic Corporation (NASDAQ: QLGC) Says Market Timer Frank Kollar
March 12, 2007
Shares of QLogic Corporation (NASDAQ: QLGC), the designer and developer of storage networking infrastructure components sold to original equipment manufacturers, have broken below a critical support level at the 78.2% retracement of QLogic’s entire July to December 2006 rally.
The close last week below $17.37 for this widely traded and highly volatile stock points towards continued selling until the prior July 2006 lows are tested. This is all the way down at $16.00 a share. Traders should watch for a reversal at that level but avoid QLogic on the long side until a reversal and confirmation occurs.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy currently has a position in the QLogic .
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.
© Copyright 1996-2007, Kollar Market Analytics, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared solely
for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
