Slow Death
Today’s Tech Watchlist:
(
CFLO |
Quote |
Chart |
News |
PowerRating),
(
WIND |
Quote |
Chart |
News |
PowerRating),
(
TSM |
Quote |
Chart |
News |
PowerRating)
For the pullback traders,
add Cacheflow
(
CFLO |
Quote |
Chart |
News |
PowerRating) to your list. After reasonably smoothly moving up for
the last two weeks, the stock has once again retraced to its current trendline.
Noteworthy of Friday’s move was the light trading that it saw. This combination
of price-and-volume action suggests that the retracement may be over. The
intraday choppiness of the stock, on the other hand, suggests that the
volatility is here to stay. Set your alerts near Friday’s intraday high and
watch for a move above that level. On the short side, it may be of some interest
to monitor CFLO for trading below near-term support.
Wind River Systems
(
WIND |
Quote |
Chart |
News |
PowerRating) has a year high of 66 1/8, and is
not all that far from that level today. WIND has been in a consolidation for the
last month, with consistent volume. While it tries to make up its mind on a
direction, I thought that we could set some alerts above and below the trading
range, so that we will be prepared for a move. Set your alerts near 50, 45, and
43. As with any type of consolidation pattern, we will monitor it for a move
outside of the range to offer either a long or short opportunity.Â
Recently, breakouts have been failing left and right, so more
conservative traders might want to consider waiting for a closing move outside
of the range, followed by a continuation on the following day.
Intel’s announcement two weeks ago certainly did not help the
already ailing semi group. One of the weaker issues in the group has been Taiwan
Semiconductor
(
TSM |
Quote |
Chart |
News |
PowerRating). It took out another support level on Friday and closed
at its lows. With an ADX reading of over 40, a negative cloud still hangs
overhead. Friday’s price action was backed by a million shares above the average
changing hands. Set your alerts near Friday’s intraday low and watch for a
continuation move. Remember, look for movement relative to the stock’s price.
Until later,Â