NTAP has both weekly stick high support, and gap support, on the daily charts at $7.141 to $7.75
Supports in order of strength when a stock is falling...
1)Weekly Stick Highs
2)Daily Stick Highs
3)Gap support
4)50sdma, 200sdma, trendlines
NTAP Weekly showing stick high support @ $7.66:
stockcharts.com[w,a]waclnimy[df][pb50!a7.25!a7.66!a10!a15!f][vc60][iUa8,17,9!Ub14!Lc10!Lh14,3!Lf]
NTAP Daily from Oct.1, 1998 to Nov. 12 1998 showing two gaps (one on 10/15, one on 11/4)
stockcharts.com[w,a]daclnymy[d19981001,19981112][pf][vc60]
I also believe there is a psychological support that is found around round # targets, especially multiples of 10. Once $10 is breached to the downside, a very important important barrier will be removed. FWIW there have also been 7 more insider transactions this month, mostly form 4 buys and option conversion/sells.
Continued weakness in the market, and specifically the COMPX, could lead to further selling here as well. |
