SanDisk (SNDK) Offering Traders Another Chance
11/13/2009 12:01 am EST
SanDisk Corp. (SNDK) - This company makes and distributes NAND-based flash storage card products that are used in various consumer electronics products.
SNDK has given a series of strong technical signals since flashing a gold cross in April.
In a previous article, when SanDisk was at $20.32, I noted, "SNDK broke through a triple top (right triangle) backed with a new strong Moving Average Convergence/Divergence (MACD) buy signal.”
"Volume supports the breakout, and the trading target is $24. However, longer-term buyers will want to hold on for even higher prices since this stock appears to be on the verge of a major bull market."
SanDisk made the trading target of $24 and has pulled back to the 50-day moving average at $21, where it may be bought again by traders and longer-term investors.
The target for traders is $26.
By Sam Collins of OptionsZone.com