Stock Chart NETL

Posted by downtowntrader | 8/21/2008 09:34:00 PM | 0 comments »

Stock Chart Analysis NETL

NetLogic Microsystems, Inc. (Public, NASDAQ:NETL)

Add NETL to the list of cup and handle charts currently forming in the markets. One thing I like about this chart is while it hasn't cleared the overall cup and handle base, it has cleared the falling wedge that comprised the "handle". Also, respected the 4/30 gap as support, and in fact never completely filled it. Tech stocks have been getting some inflows the past couple of days on the heels of the HPQ report, and BCSI, which is in a similar space as NETL, was higher after hours today. The thing to watch for here is if NETL can pause here and get a bullish candle to reverse the pullback. I would bail if it fell back into the wedge, but more conservative traders may opt to place a stop under the 200 sma.

Good Trading,


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