NETSUITE INC: correction ahead

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On the weekly chart, NETSUITE INC             broke through the USD 104 support level in early February. Also, the gauge broke out of a rising trend on the RSI chart. It is likely prices have started to correct against last year’s rising impulse and will shape a correctional pattern. The first systemic signal to open positions may appear after the gauge breaks out of the support level or the resistance level towards the mark it had broken through. It should be taken into account that movement potential within a correctional pattern is limited both upward and downward. Downward – toward USD 85-90, upward – toward USD 110. The best decision is to wait until prices approach one of the bounds of this range and to open positions in the opposite direction.

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