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Jeremy Frommer, CEO of Hedge Fund LIVE Jeremy Frommer has 20 years of industry experience and is currently responsible for general management and leadership of the General Partner. Previously, Mr. Frommer was a Managing Director and Head of the Global Prime Services Group (“GPS”) at RBC... More
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  • Trade Alert: Cypress Semiconductor(CY)  0 comments
    May 31, 2011 9:15 AM | about stocks: CY
    CY, fib retracement, support, resistance, moving average, bulish trend

    Chart of CY (Click to Enlarge)

    HedgeFundLive.Com

    CY traded up 3.78% on increase of average volume of 1.5. CY is trading near 52 weeks highs and is in a bullish trend. Currently the level of resistance is the 52week high of 23.93. Look for a breakout of this level on Tuesday’s trading session. Level of support is 21.46 the 61.8% retracement from the 52 week high to the low of 17.97. Aside from the fib retracement there is other data points around that area that act as good levels of support. Right now, the moving averages are indicating more of a bullish move. There is widening of the moving averages which is an indicator the stock will trend higher. Another indicator of the bullish trend is the stock closed near the highs of the day which shows there were buyers there going into the close. Look for the follow through move on Tuesday’s trading session and watch to see what happens at the 23.93 level.

    Come to Daytradewell.com to see more levels of support and resistance in our daily newsletter The Daily Technician 
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