tradersmentality
Long

SYMC Volatile - Breakout Mode - Slight Bull Advantage

NASDAQ:SYMC   SYMANTEC CORP
SYMC is at the bottom of a bull flag trading range and in the midst of an expanding triangle. Prices have been volatile the past two weeks, with gaps up and down. Both sides are fighting for follow through. The bulls have a slight advantage because we are near the bottom of a bull flag trading range. The bears need a strong breakout below the 16 higher low. There have been many bear attempts over the past year to break below, but so far have failed (tails).

The bulls want a test of the all time high around 34, but need a breakout above the 26 level first. The bull follow through from the Jun 3 double bottom pullback was strong, with consecutive bars and bull gaps. The bulls will likely (60%) get some form of second leg up and test of the 24-26 level unless the bears get a strong breakout below the 18 support. There is always atleast a 40% chance of this happening, but until it does, it hasnt.

To learn more about how to determine the directional probability and how to structure a trade based on this with a positive traders equation, please see below.

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