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I came across one of the big name stocks that is showing high potential of being in an area where it is getting accumulated, and forming a long term double bottom.
There was a lot of talk about Sun Microsystems (Nasdaq:SUNW) when it broke down. There hasn’t been much said as it has been basing.
So lets look at the weekly chart and see what signs of a bottom that it is showing:
We have a double bottom, with declining volume. There just aren’t many sellers at this level. All four of the indicators are showing a higher low. This being a weekly chart, there is a high probability of a long term bottom.
In the shorter term we look at the daily chart:
On this daily chart, we do have a higher low in June compared to April. Also the macd, stochastics and rsi are moving upwards. The OBV has made a double bottom, and is about to cross upwards thru its moving average.
The last low was at $16, which is not the current resistance level, and the most recent low was $14, our support level. This chart is showing that we most likely have seen the lows on this stock. If it drops under $14, then I would not want to stay long in it to see if the $12.84 lows hold. If it breaks the $16 resistance level, which is just above the 20ema, then we have an indication that it is starting a new up trend.
I came across one of the big name stocks that is showing high potential of being in an area where it is getting accumulated, and forming a long term double bottom.
There was a lot of talk about Sun Microsystems (Nasdaq:SUNW) when it broke down. There hasn’t been much said as it has been basing.
So lets look at the weekly chart and see what signs of a bottom that it is showing:
We have a double bottom, with declining volume. There just aren’t many sellers at this level. All four of the indicators are showing a higher low. This being a weekly chart, there is a high probability of a long term bottom.
In the shorter term we look at the daily chart:
On this daily chart, we do have a higher low in June compared to April. Also the macd, stochastics and rsi are moving upwards. The OBV has made a double bottom, and is about to cross upwards thru its moving average.
The last low was at $16, which is not the current resistance level, and the most recent low was $14, our support level. This chart is showing that we most likely have seen the lows on this stock. If it drops under $14, then I would not want to stay long in it to see if the $12.84 lows hold. If it breaks the $16 resistance level, which is just above the 20ema, then we have an indication that it is starting a new up trend.
