Palm ( PALM ) has been one of the Top Stocks in 2009. The following chart is technical analysis look at PALM courtesy of www.stockcharts.comPalm Support and Resistance Levels - February 20, 2009
PALM Stock Resistance: $8.00, $9.51
PALM Stock Support: $7.00, $5.60
Palm has been one of the hottest stocks in 2009 so far but there are signs of breaking down. The trend line was broken after the fall from the $9.51 high so it appears the huge run is either over or will stall out for awhile. I would be a buyer on a pullback to the 200 day moving average at $5.60.
PALM's high was $7.99 today which is around the 10 day moving average...Back when PALM crossed the 10 day moving average at $1.75 to start this run, PALM only closed below the 10 day once before topping out at $9.51. We now have three straight days of closing below the 10 day moving average. This is bearish. The biggest volume day was the move above the 200 day moving average so this is why I feel there will be solid support at this area.
PALM's high was $7.99 today which is around the 10 day moving average...Back when PALM crossed the 10 day moving average at $1.75 to start this run, PALM only closed below the 10 day once before topping out at $9.51. We now have three straight days of closing below the 10 day moving average. This is bearish. The biggest volume day was the move above the 200 day moving average so this is why I feel there will be solid support at this area.
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