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4 Tech Stocks to Trade (or Not)

Symantec

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Nearest Resistance: $19.50

Nearest Support: $17

Catalyst: Q2 Earnings Beat

Symantec (SYMC - Get Report) is another name that's moving higher today following earnings news. The security software company saw second quarter profits jump by 6%, spurring a nearly 6% jump in shares as I write. But the trading implications are still tentative at this point.

>>4 Stocks Showing Strength in a Weak Market

That's because while the jump did definitively break SYMC out of the downtrend in shares that started in September, it pushed the stock right in between resistance at $19.50 and support at $17. I wouldn't recommend becoming a buyer unless this firm can build enough strength to break out above that $19.50 level.

The fade in today's price action makes me think that we'll need to see some sideways movement before that can happen.

To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr.



-- Written by Jonas Elmerraji in Baltimore.

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At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji is the editor and portfolio manager of the Rhino Stock Report, a free investment advisory that returned 15% in 2008. He is a contributor to numerous financial outlets, including Forbes and Investopedia, and has been featured in Investor's Business Daily, in Consumer's Digest and on MSNBC.com.
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