A good swing long setup opportunity has occurred in Symantec stock after it acquires two companies in the last week. Symantec announced that it plans to acquire Israel-based Skycure, makers of a predictive threat detection platform for mobile devices. Last week, Symantec said it would buy Fireglass, a startup known for its browser isolation technology that’s used to combat ransomware, malware and phishing threats.
SYMC is expected to show a strong growth in EPS. In the coming 2 years, the EPS will grow by 47.88% yearly; however, revenue has been decreasing by -8.06% on average over the past 5 years.
Symantec stock looks like a good swing long setup opportunity. There is a really good positive divergence between the Effective Volume large players indicator and the price of SYMC.
There is reduced volatility while prices have been consolidating in the most recent period forming a momentum squeeze.
The True Strength Index has just done a bullish cross although it’s having trouble lifting off the bottom.
There is a very little resistance above the current price. There is a support zone below the current Symantec stock price at $28.53, a stop order could be placed below this zone.