Altera Is Close to the 200 Day Moving Average

Published on Tuesday, 08 January 2013 08:52 Written by TradersHuddle Wire

New York, January 8th (TradersHuddle.com) -Altera Corporation (NASDAQ:ALTR) closed the trading session at $35.27 near its 200 day moving average set at $34.30. Altera's price action is just above this key support level, grabbing traders' attention for a possible 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 latest price action range, defined by a peaks and troughs algorithm, places calculated support at $30.89 and resistance at $36.03. These levels will provide insight for the stock's latest price dynamics.

Traders wanting to establish a position on Altera will look for evidence of buying near the 200 day moving average, before opening the position as close as possible to this key technical level. Also, they need to consider the latest range defined by the calculated support and resistance levels for insights on other key levels that might have an effect on future price movements.