New York, January 21st (TradersHuddle.com) - Shares of Altera Corporation (NASDAQ:ALTR) closed the trading session at $35.70 with its price action in a very tight range, given that calculated support is set at $34.15 and the calculated resistance is set at $36.03.
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's stock price action indicates that both sellers and buyers are materializing very close to each other. This signals an area where momentum is building, since the stock can resolve by breaking out of the developing tight range.
Traders wanting to establish a position should pay close attention to Altera's price action, as any movement outside its predefined range of $34.15 and $36.03 could grasp the attention of momentum buyers that look for a big movement in the price of the stock. Traders need to be aware that tight range resolution works both ways, hence, a move below support could spark above the average selling. A tiered approach could be the best way to start a position; enter into it while the stock is in the tight range, and then add to this position as it breaks and closes above resistance.
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines
Dow JonesCompany ID [INDEXDJX:.DJI] Last trade:17,730.11 Trade time:5:20PM EDT Value change:▼27.80 (-0.16%)
S&P 500Company ID [INDEXSP:.INX] Last trade:2,076.78 Trade time:5:20PM EDT Value change:▼0.64 (-0.03%)
NASDAQCompany ID [INDEXNASDAQ:.IXIC] Last trade:5,009.21 Trade time:5:15PM EDT Value change:▼3.91 (-0.08%)
In The Wires
GW Pharmaceuticals Commences Phase 1 Clinical Trial of GWP42006 as a Potential Treatment for Epilepsy
NTT Communications and JBA's SDN Project Wins IBC 2013 Innovation Award
Frost & Sullivan Honours Interactive Intelligence with its EMEA Contact Centre Company of the Year Award
AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
$500,000 Shopify Build a Business Competition Has Just Been Announced for 2013
Solomon Associates Hydrocarbon Loss Reduction Seminar Shares Practices that Lead to Significant Savings
AT&T 4G LTE Available In Willimantic
AT&T 4G LTE Available In Torrington