Symantec Corporation: The SYMC Stock Rocket Ship Has Launched

symantec stockSYMC Stock: Hold on Tight

The moment of truth is upon Symantec Corporation (NASDAQ:SYMC) stock, as it has exited a price pattern and is now making a new all-time high. This event marks the beginning of what could be an epic run in SYMC stock. Internet security is becoming a real growing concern, so this backstory strongly supports the bullish picture that is painted on the Symantec stock chart.

I have been waiting for this moment since early August, when I published my first report on SYMC stock. I am happy to say that the price action on the Symantec stock chart has been orderly in its advance, and SYMC stock obeys the rules set out by technical analysis so, as a result, the stock has met many of my expectations.

The following Symantec stock chart illustrates this orderly and obedient price action.



Chart courtesy of

A rally began in early 2016 with a surge in price, and then a golden cross suggested that a new bull market had begun. A golden cross is a bullish signal that is produced when a 50-day moving average, highlighted in blue, crosses above a 200-day moving average, highlighted in red.  This indicator suggests that bullish momentum has now overwhelmed any bearish momentum and, as a result, traders use this signal to confirm that a bull market has already begun.

This bull market advance off of the January 2016 lows has been healthy, and this characteristic is illustrated by the price action on the SYMC stock chart above.

The price action consists of impulse waves, which advance the price of Symantec stock, and consolidation waves, which unwind any overbought condition that have been created and set up the next impulse wave. As long as this price action remains orderly, Symantec stock can continue to advance in this fashion.

The current consolidation wave was just completed, and the price has exited the pattern in an upward direction, suggesting that another impulse wave is set to develop.

This impulse wave has set the stage for a much bigger pattern to play out, as illustrated on the Symantec stock chart below.


Chart courtesy of

The SYMC stock chart above illustrates a rounded bottom pattern that has been forming for the last 12 years. A rounded bottom is a long-term reversal pattern that represents a bias change from bearish to bullish. Now that Symantec stock has made a new high above the resistance level, this pattern is complete, and it suggests that much higher prices are now likely.

This pattern is also very useful in setting up a potential trading strategy because it provides a potential price objective. The initial price objective of this pattern is $42.00, and this target was created by taking the depth of this pattern and extrapolating it above the  horizontal resistance line.

The longer the period of consolidation within a pattern, the more significant it becomes when it is finally complete. This is why I have continued to use the term “initial” when I mentioned the $42.00 price objective. I believe that this objective may prove to be only the first stop on an epic run that can take Symantec stock higher than most can imagine.

A new all-time high creates an environment in which no overhead resistance exists because all the participants who are long on SYMC stock are sitting with a profit and may be reluctant to sell. As result, a new all-time high could create a vacuum that can send a a stock soaring higher than any level of valuation can justify.

Bottom Line on Symantec Stock

Symantec stock has finally completed a long-awaited bullish price pattern. This price pattern suggests much higher prices, and SYMC stock is set to soar.