Symantec Corp tries to hold above the resistance – analysis 18-08-2016

Symantec Corp ended trades on Wednesday lower by (-0.06 point) point or (-0.26%) from the previous closure trying to pass the resistance level 22.85, comes after the price fell from this resistance facing 21.50 support level that the price was able to breach during last Friday trades.

The previous rise showed the breaching of a bearish channel the price moved within its range during the previous medium and long trades, as the price confirmed that breach by holding above 19.10 level, to hit 22.85 as the target of that broken channel.

Generally; the previous decline was in order to retest 21.50 support, as the stability of the mentioned support returned the price’s bullish moves in order to try to breach 22.85 resistance, which if happens; the price will target the next resistance level24.50, but the continuation of the decline and holding below 22.85 level will push the price ahead the supports 21.50 again.