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Chart to Watch for Mon, Nov 9, 2015

Cavium, Inc. (CAVM) – after a strong bullish trend in 2014, the stock has been trading sideways for most of the year but in the last 30 days with market recovery stock established new up trend and has been consolidating in a bullish pennant formation above key moving averages (20MA, 50MA, 200 MA). Breakout above triple top (technical resistance) at 74 area could start short term momentum with target in 80 area but could be also sign of a new medium term bullish trend. Initial stop for protection is set below 20MA in a 68 area.


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Author of Member of the Market Technicians Association.