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Nearest Resistance: $19.50
Nearest Support: $17
Catalyst: Q2 Earnings Beat
Symantec(SYMC) 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.
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-- Written by Jonas Elmerraji in Baltimore.