Stock Chart Analysis RVBD
Riverbed Technology, Inc.(Public, NASDAQ:RVBD)
I mentioned I was looking at RVBD as a swing long on twitter today, and I thought I would highlight what I was looking at. RVBD is in a short term uptrend on the daily chart, setting higher highs and lows over the past few months. It successfully cleared a reverse head and shoulders in February, which could of put in a bottom on a longer timeframe. Zooming in to the present, RVBD recently had a breakaway gap on large volume, succssfully taking it to a new pivot high. It has been consolidating that move, and made a higher daily high today after finding support on the 20-day moving average. My thoughts are that a long entry here with a stop under the prior two candles offers a pretty good risk versus reward setup. My target would be based on RVBD clearing the last high and trading to the next resistance level near $24-$25.
As always, please exercise your own due diligence if considering this or any other trades.
Good Trading,
Joey
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