Symantec Corp responds to the negative signal – analysis 22-07-2016

Symantec Corp ended trades on Thursday lower by (-0.42 point) point or (-2.03%) from the previous closure heading to the support level 19.90 after the price continued its bullish movement during the previous trades to trade above 19.90 level, after falling from 21.50 resistance, comes after the previous decline during the med-long periods which reached to the support level of 16.50, to rebound from this support passing 17.95 level during the previous near trades with the price passing the SMA 100, leading the price for a continuous bullish movement caused the passing of 19.90  level to reach 21.50.90 resistance by the end of last week trades.

The recent decline showed the price formation for a double top pattern that requires the price’s stability below 19.90 support represented by the patterns neck line, as if the price succeeded to achieve this scenario it will target then 19.10 support initially and may extend, but the stability of 19.90 will push the price up again to retest 21.50 resistance.