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Symantech (Nasdaq: SYMC), a leading player in Internet security is forming an attractive looking chart pattern.
Chart Courtesy of StockCharts.com
Yeah, it's all about oil and inflation right now. But under the radar some interesting stuff is appearing.
For example, CAN SLIM junkies should salivate when they look at Symantech's cup and handle base, where the buy point is somewhere between 20 and 21.60.
The stock has been basing nearly forever, it seems. And volume has been dropping as it's been forming the tail of the handle over the last few weeks.
Here's where the stuff isn't all that attractive, unless of course you throw in the overall state of the economy.
Profits, earnings, and revenues are growing, but not at a rate that would make you jump up and down. And return on equity is less than 5%, which makes you wonder what the company would do if management really started firing on all cylinders.
Also a negative is the steady stream of insider selling over the last month or two.
Still, if you compare this company to some in other sectors, such as the automobile manufacturers, you start to smile, at least a little. After all, it's making money, it's growing steadily. And the chart looks pretty good.
From a technical standpoint, Symantech is a buy if it gets above that CAN SLIM buy point range we noted above.
Is the top in oil in?
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