Stock Chart VMW

Stock Chart Analysis VMW

VMware, Inc. (Public, NYSE:VMW)

VMW was my number one pick for 2008 and unfortunately, I've gotten it very wrong as we reach the halfway mark. It has yet to fill the nasty gap down in February and remains down about 25% on the year. However, there is a chance it has bottomed, as it has had a fairly resilient rally off the lows. It set a higher pivot point, clearing the high in February, and could be attempting to set a higher low here. It cleared the recent down trend channel as well. While it may not be officially in an uptrend here, enough has happened to reclassify the trend to sideways or rangebound. If it does successfully set a higher low here, then it will challenge gap resistance near $78, which in of itself is a decent trade. However, there is a chance for longer term traders that VMW won't come near the IPO price ever again.


Good Trading,


Joey

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