u s shares highlights sandisk corp 88492015

SanDisk Corp (SNDK) – Bullish signals sighted at 77.00 key inflection level ScanDisk Corp, a key player in the data storage solutions space will be […]

SanDisk Corp (SNDK) – Bullish signals sighted at 77.00 key inflection level

ScanDisk Corp, a key player in the data storage solutions space will be announcing its Q4 2014 today, 21 January 2015 after the market closes. Let’s us take a look at its technical configurations

Key elements

Current price action has formed a bullish “Hammer” configuration at the descending range channel support (in pink) at 77.00.
The 77.00 support level also corresponds closely with the significant unfilled gap seen on 16 April 2014 and 1.00 Fibonacci projection from 16 July 2014 high to 08 December 2014 high.
The recent downside movement has been accompanied by a declining volume.
The Stochastic oscillator has dipped into the oversold region.

Key levels (1 to 3 months)

Pivot (key support): 77.00

Resistance: 86.95 & 94.42

Next support: 65.36

Conclusion

Based on the above mentioned elements, the sharp down move in place since 08 December 2014 has started to show signs of exhaustion and a potential turnaround is round the corner for ScanDisk. As long as the pivotal support at 77.00 holds, ScanDisk is likely to stage an upside swing move to test 86.95 before targeting 94.42.

However, failure to hold above 77.00 is likely to see the continuation of the multi-month bearish trend towards the next support at 65.36.

Source: Charts are from eSignal

Disclaimer

The information contained in this material is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs. All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.

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