New York, January 28th (TradersHuddle.com) - Shares of VMware, Inc. (NYSE:VMW) closed the session at $99.00 just above calculated resistance at $98.56. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
VMware, Inc. (NYSE:VMW) provides virtualization solutions for the desktop computer and data centers. Its solution products address a range of IT problems, which include cost and operational inefficiencies, business continuity, software lifecycle management and desktop management.
The stock was trading in a well defined range with support at $91.90 and resistance at $98.56. Given that this range was broken, traders will be closely monitoring Vmware's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Vmware is still near the broken resistance level, traders will be focusing on the $98.56 level to see if the stock holds the breakout without rolling over.
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