Is QLogic Corporation Looking For A Run?

QLogic Corporation (QLGC), a storage network company with competitors such as Brocade (BRDE) and Emulex (ELX), is showing signs of life after spending sometime in “detention” since the beginning of 2007.

It is reporting on 5/3, this Thursday, after the market close. Its daily chart tells an interesting story.

We can see here that QLGC has gotten above the resistance level at 18. It has also caught its upper BB and is riding it up! The MACD is also rising. More importantly, its daily MAs are in a nice bullish formation with 10- above 20- above the 30-day MA. If they deliver good earnings on Thursday, with one jump, they could be back above 20!

Here’s a zoomed-in daily chart to see the MAs more clearly: