Symantec traded in a range yesterday that spanned from a low of $15.98 to a high of $16.35. Yesterday, the shares fell 1.53%, which took the trading range below the 3-day low of $16.06 on volume of 10.6 million shares.
Shares of Symantec are currently trading below their 50-day moving average (MA) of $16.91 and below their 200-day MA of $16.87. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Symantec and our subscribers were alerted to Sell on January 29, 2010 at $17.23. The stock has fallen 6.4% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $16.12 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Internet Software & Services industry.
Source:http://www.mysmartrend.com/news-briefs/news-watch/watch-symantec-rebound-after-falling-153-yesterday-symc
