Symantec near Key Resistance Area

Published on Tuesday, 10 January 2012 18:32 Written by TradersHuddle Staff

New York, January 10th (TradersHuddle.com) - Shares of Symantec Corporation (NASDAQ:SYMC) are trading very close to calculated resistance at $16.19 with the current price action closing at just $15.67 placing the stock near levels that make it difficult to buy.

Symantec Corporation (NASDAQ:SYMC) provides security, storage, and systems management solutions to secure and manage information. Its principal activities are to provide customers worldwide with software and services that protect, manage and control information risks related to security, data protection, storage, compliance, and systems management.

Symantec's current stock range is defined by current calculated support defined at $14.94 and by the resistance level at $16.19, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Symantec, as the stock is well above support, however, as the stock pulls back towards $14.94 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $16.19 then traders will get an opportunity to enter Symantec stock by establishing a position as the stock moves to a higher range.