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Momentum Shifts Downward for Older Technology Stocks


Adobe Systems (ADBE) ($71.06) popped to an all-time intraday high at $74.69 on June 18 after the company reported better-than-expected earnings on June 17. The open on June 18 was at $73.82, which was the sell level for investors who were looking to book profits using a good 'til canceled limit order to sell strength to the quarterly risky level at $72.23.

The stock traded as low as $67.57 on Aug. 7, and rebounded to its 50-day SMA at $70.83 after being below it since July 31.

The stock is up 6.3% since June 13, but its weekly chart shifts to negative given a close on Friday below its five-week MMA at $70.09. A semiannual value level is $62.44 with a weekly pivot at $69.72 and quarterly and monthly risky levels at $72.23 and $73.25, respectively.

Applied Materials (AMAT) ($22.10) set a multiyear intraday high at $23.46 on July 7, and broke below its 50-day SMA at $21.82 on July 24, trading as low as $20.48 on Aug. 8. On Friday, the stock gapped back above its 50-day SMA, which is now at $22.10.

The stock is down 1.2% since June 13, and its weekly chart shifts to negative given a close on Friday below its 50-day SMA at $21.81. Weekly and semiannual value levels are $21.51 and $18.63, respectively, with a quarterly pivot at $22.07.

Hewlett-Packard ($35.34) has been moving sideways to up since June 13, trading as high as $36.21 on July 29, which was above its 50-day SMA of $34.60.

The stock is up 0.5% since June 13, and its weekly chart shifts to negative given a close on Friday below its five-week MMA at $34.80. A quarterly value level is $30.97 with a weekly pivot at $35.25 and monthly and annual risky levels are $37.34 and $40.20, respectively.

Intel ($34.41) set a multiyear intraday high at $34.83 on July 22, and fell to $32.39 on Aug. 6, staying above its 50-day SMA at $32.

The weekly chart is positive but overbought with its five-week MMA at $32.72. Monthly and semiannual value levels are $32.04 and $29.79, respectively, with a weekly risky level at $35.57.

>>Read More: Why Target Looks Ready to Reward Long-Term Shareholders

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