Vmware Keeps Dropping: Watch This Trade
InTheMoneyStocks.com | Jul 09, 2019 12:59PM ET
VMware (NYSE:VMW) is a cloud software stock that has been declining since mid may 2019. The stock topped out on May 16, 2019 at $206.79 a share. Since that high pivot, the shares have declined lower by 21.0% and are now trading at $162.98 a share. Traders and investors should now watch the $150.00 area as major chart support. That's where the stock broke out of a one-month base in early February 2019. Often, when a stock declines into a past breakout level it will be defended by the institutional money when it initially hits the support area.
I'm watching VMW for a potential long-side trade when the stock trades down into this level.
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