Ascending Triangle in Cisco
Nasdaq bellwethers Sun Microsystems
(
SUNW |
Quote |
Chart |
News |
PowerRating),
Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating), and Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) are giving the Nasdaq a boost into the
holiday weekend. Cisco may be getting ready to make a run that would further
assist the Nasdaq to overcome skeletons in the seasonal closet.
When traders (those that haven’t already left town) wake up
tomorrow morning, they’ll find ORCL near the top of an ascending triangle after
a nice bounce up from the lows of that triangle on Thursday. The proximity of
ORCL’s price action to the apex of the triangle makes it a breakout candidate for
some time after the holidays. With SUNW, ORCL, and INTC aloft at or near-highs,
ORCL’s break above the three previous highs made during June and July would
probably help to heat the rally up some more.
We’ll also want to see good volume as that breakout occurs.
See you tomorrow,
Eddie
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