Boston, MA 04/10/2014 (wallstreetpr) – Symantec Corporation (NASDAQ:SYMC) (Closed at $20.64, Flat 0.00%) traded within the range during the whole trading session and the volumes were also below the average volumes. However in the recent times the volumes have picked up steam and buying interest is seen from the previous 10-15 exchanging sessions. All the bad news of terminating of Company president and the slump which the organization is experiencing makes the trap for the frail speculators to weaken their possessions. The stock of Symantec Corporation is available at attractive valuations at the current prices.
On technical charts, the stock of Symantec Corporation (NASDAQ:SYMC) was under pressure from quiet some time but this correction seems to have completed with stock prices hitting a 52-week low of 17.95 some days back. The ABC correction for the stock seems to be completed as the Wave ‘A’ fall is almost equal to Wave ‘C’. The stock is in long term downtrend with trading below its key moving averages of 50 and 200 DMA. But this bottom fishing may fetch very good returns. There was a bit of positive divergence seen in MACD during the bottom formation of $17.95 and RSI is also moving above its resistance zone of 50 and 55 which is a mere sign of a bull market coming in picture.
Currently the stock rose more than 10% from the recent lows of $17.95. Investors can allocate some part of their portfolio towards Symantec Corporation (NASDAQ:SYMC) at current prices and even on dip of 4-5% with the longer term perspective and expect a return of at least 50% in a year or so. The level of $17.95 may prove to be a major support level as there were multiple supports in this range of $17 and $18. The stop losses should also be maintained below $17 in this counter.
