themarketzone

These are the two patterns I monitor towards earnings

NASDAQ:SYMC   SYMANTEC CORP
$SYMC is about to report next week and from the weekly chart analysis there are interesting patterns on both sides:

Starting with the the general stuff:
1. There are three major structure zones I see in the chart (naturaly there are other, but the ones I mention here could be also targets for the different scenarios I'll mention below): 18$, 22$ and 25$

2. Two trend lines in play in my scenarios: Broken Uptrend line (green dashed line) & Broken downtrend line (red dashed line)

3. SMA's positions - Price is above the weekly 200 SMA line and below the Fast and 50 SMA lines

Bearish scenario:
Weekly Head and Shoulders pattern has been triggered when the price crossed and closed below the weekly uptrend line, which was also the neck line for the H&S pattern.
The next move in this bearish scenario is a move towards the 18$ zone, which is the H&S target level.
Price must break below the weekly 200 SMA line and if it will do so, it will be possible to place stop loss above 22-23$.

Bullish scenario:
Bullish harmonic pattern - Bullish AB=CD pattern will complete right on the 200 SMA line and the strong 21-22$ support zone .
In this scenario, the potential target is the 25$ structure zone (RESISTANCE NOW) which will also be near the 61.8 Fib retracement level for the latest bearish move.
I order to set stop loss here it is also possible to use the weekly 200 SMA line that should be proven as support in this scenario.

Good luck to all the traders who are going to trade $SYMC and remember that earnings involve high risk.

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