Rally Bypasses QLogic Corporation (NASDAQ: QLGC) Says Market Timer Frank Kollar
May 3, 2007 (FinancialWire) (By Frank Kollar)
Shares of QLogic Corporation (NASDAQ: QLGC), the designer and developer of storage networking infrastructure components sold to original equipment manufacturers, have been left far being as the rest of the stock market rallies.
In early March, QLogic closed below $17.37, a critical support level. Since then, shares declined to a low at about the $16.60 level and have since moved higher in a slow months long recovery. But after closing above $18.00 a share last week, QLogic has moved steadily lower while the stock market has moved steadily higher.
If QLogic can close above $18.56 in coming days, we may still see a rally, but if shares continue to decline while the market moves higher, we could see a run for the prior lows and even $16.00 a share should those lows not stop the selling.
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.
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