Testing 1-2-3
After last year’s grueling decimation of the
techs, some are just now starting to peek out from below their 50- and 200-day
moving averages. While things are looking a bit more constructive, most stocks
still have massive overhead resistance to contend with. Folks who managed to
hang on to the techs through the debacle will be looking to sell at breakeven,
or even less.
Agilent Technologies has recently broken out of a
three-month base, and formed a three-day pullback. After trading with huge volume on
the thrust up three and four days ago, it lessened the past couple of days during the
pullback. Support lies at the 200-day moving average, as well as at the breakout
point.
The techs as a whole have been stronger the past
10 trading sessions, but again, with plenty of overhead supply. Agilent is no
exception. Any rally off the pullback would have to be accompanied by good
volume. Even so, don’t look for a long-term move here; probably more of a short-term play.
Till tomorrow,
Eddie