November 9, 2011
Shares of QLogic Corp (NASDAQ: QLGC) rallied 4% on very heavy volume on Tuesday, November 8.
QLogic designs and manufactures integrated circuits, designs and supplies storage networking, server networking, data networking and converged networking infrastructure solutions. The company sells its solutions to original equipment manufacturers and distributors worldwide.
QLogic’s rally on Tuesday pushed prices above strong resistance at the $14.50 level. This level has held prices in check since the August correction lows.
QLogic should continue higher until it reaches its next resistance level up at $16.50. This was the high reached in the bear market rally of June and July, just before prices fell off a cliff in early August.
Support is at $14.50 a share.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in QLogic.