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ADTRAN Inc - ADTN - Symmetrical triangle
Casey Murphy - Feb 27, 2008


ADTRAN Inc - ADTN

February 27, 2008

Last Trade

$19.40

Volume

523,837

52-Week High

$28.72

52-Week Low

$18.35

Commentary:
For today's chart we've chosen to take a look at ADTRAN Inc (Nasdaq:ADTN) because it broke out of a symmetrical triangle and now looks poised to fall toward a significant level of support. As you can see from the chart below, the bears have been in control of the stock's direction since the beginning of 2008 and there is no reason to expect this story to change any time soon.

We believe that technical traders will protect their positions by setting a stop-loss order above the nearby resistance (blue dotted line). This chart is interesting because the current level offers an interesting risk/reward ratio - technical traders will set their price targets near the support of $14.40 (red line)


 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


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