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Riverbed on the radar

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This post was written by Minyanville Contributor Smita Sadana.

A stock that I am keenly watching today is Riverbed Technology (NASDAQ: RVBD), which is up in this down market. Minyans might remember that we had concluded a successful long trade in this stock. For more please see my note on April 24th.

Here are some thoughts on the new technical picture:

  • Notice the bullish flag formation.
  • The stock has been quite resilient to the recent decline in the market indexes.
  • Check out volume on up days versus down days, which is adding some credence to my bullish take. (Even though today is a relatively light volume day.)
  • The short interest as a percentage of float has diminished somewhat from the time I last featured it, but still remains quite high. It was at 17.89% at the beginning of May as opposed to 21% in the beginning of April.
  • In this jittery market environment, one is always unsure about taking breakouts but the technical picture would certainly be validated only upon a high volume breakout from here. And stops can be set just under $17, which was the closing low after the earnings reaction.
Symbol Lookup
IndexesChangePrice
DJIA-93.7910,197.47
NASDAQ-17.882,149.02
S&P 500-11.271,087.24

Last updated: November 12, 2009: 06:03 PM

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