Many tech firms have been at the center of controversy as of late due to privacy issues. Last year, Facebook CEO Mark Zuckerberg was summoned by the U.S. Congress on privacy concerns. This year, we learned that tech giant Apple has been using contractors to listen to Siri voice recordings. The best that the company can do is to say “sorry” for listening to users’ private conversations, business deals, and even sexual encounters.
While these privacy violations are unacceptable, it is difficult to protect our data because we rely heavily on these tech companies. This is why some users are investing in products that help them take control of their online privacy.
One name that often comes up is Symantec, the company behind the well-known Norton brand.
Symantec can also protect your online data as much as it can protect your system from viruses, malwares, and hackers. The release of new products that help control user data is helping the company’s stock stay strong.
A look at the security’s monthly chart reveals a healthy uptrend.
SYMC continues to respect its multi-year uptrend line. This diagonal support has been in existence since 1998. Thus, we expect the bulls could continue defending it in the foreseeable future.
With the uptrend line intact, the stock was able to take out two resistance levels this month. The first one is the diagonal resistance and the second is the horizontal resistance at $22.
The breach of the resistances triggered the breakout from the large symmetrical triangle. The breakout marks the resumption of the stock’s uptrend. The immediate target is resistance of $32.
“Recently our proprietary software shown a bullish divergence between the OP (volume), and Price as marked by the blue arrows. The OP went to new lows while Price held higher lows. At the same time, our Technometer registered Oversold. These conditions led to the recent rally from $20 to $23.50.
The Wyckoff whiz added:
“We, therefore, would purchase Symantec at the market and use a protective sell stop at $20.85. If this rally can get going, we might have a possibility of breaking out of this large trading range and seeing a good rally from Symantec.”
Looks like SYMC may be gearing up for a big push. Use protective stops and enjoy the ride.