Chart Analysis NTWK

Posted by downtowntrader | 6/29/2008 07:49:00 PM | 0 comments »

Stock Chart Analysis NTWK

NetSol Technologies Inc. (Public, NASDAQ:NTWK)

With the Markets at oversold levels, I am starting to position myself to the long side. I may be early or wrong entirely, but that is what stops are for. NTWK is a stock I found through a scan that printed a narrow range candle at support. In looking at the chart, it looks like NTWK is trading in a small triangle pattern, that could be interpreted as the handle in a larger cup and handle base. The fact that it is basing over the 200 day sma is telling be that this level could very well hold as support, and institutions may be accumulating at these levels. Also, it has shown very good relative strength by holding up the past few days as other tech stocks got hammered. If the markets do indeed bounce from these oversold levels, then NTWK could beak out of the triangle and head up for a retest of it's 52 week highs.

Good Trading,


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