Close to Key Levels: Altera
Published on Tuesday, 27 March 2012 09:00 Written by TradersHuddle Wire
New York, March 27th (TradersHuddle.com) - Altera Corporation (NASDAQ:ALTR) closed the trading day at $39.22, near its 50 day and 200 day moving averages set at $39.25 and $38.28 respectively. Altera's price action placed the stock above the 200 day moving average but below its 50 day moving average, a setup that signals a possible break out.
Altera Corporation (NASDAQ:ALTR) designs, manufactures, and markets programmable logic devices and associated development tools. The Company's products, include a variety of programmable logic devices and hardcopy application-specific integrated circuits. Altera serves customers primarily in the communications, computer and storage, industrial, and consumer sectors
Altera seems to be setting up for a tight range between the 200 day moving average as support and the 50 day moving average serving as resistance.
A tiered approach, appears to be the best strategy to maximize possible movements in the stock, as traders could establish a small position in Altera and wait for the stock to break out above its 50 day moving average at $39.25. Then they could add to the position as momentum builds with the breakout. On the flip side, if support being referenced at the 200 day moving average set at $38.28 breaks, it could signal further downside pressure for Altera.
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