New York, July 26th (TradersHuddle.com) - Altera Corporation (NASDAQ:ALTR) closed the trading day at $34.41, near its 50 day moving average that is set at $32.92. Altera's price action is just above this important support level, providing a trading opportunity.
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
The peaks and troughs algorithm shows calculated support at $29.96 and calculated resistance at $32.48. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Altera should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.