Stock Chart Analysis SNDK

Posted by downtowntrader | 5/14/2007 10:27:00 PM | 0 comments »

Stock Chart Analysis SNDK

SanDisk Corporation (Public, NASDAQ:SNDK)

Could this be a large reverse head and shoulders setting up in SNDK? Thats what I would call it, but what we name it is not really all that important. Whats is important is that SNDK's trend has changed from down to sideways and it could be carving out a base here. It is interesting to see with the bearish sentiment I am seeing, that there are a lot of interesting charts setting up on longer timeframes recently. This has the potential to be an important bottom for SNDK if it can somehow muster up the strength to clear the 200 day simple moving average, currently sitting at 46.54. The fact that the 2003 peak was in the low 40's adds another possible reason for this area to hold as previous resistance turns to support once broken.

Good Trading,