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Computer keyboard and binary code (Digital Composite) (John Foxx/(c) John Foxx)
Computer keyboard and binary code (Digital Composite) (John Foxx/(c) John Foxx)

What the Charts Say

Bullish on LSI Corp. Add to ...

From 2002 to 2011, LSI Corp. traded between $2.50 and $12 (not shown). During the last five years the price remained below about $7.75 (dashed line), however, LSI pierced above this level of resistance recently suggesting the start of a new up-move (A). The stock is likely to rise only to the top of the longer-term trading range near about $12, but a sustained rise above this level would signal the breakout from a 10-year base. Only a decline below about $7 would be negative. Point & Figure measurements provide an initial target of $12. The 2002-11 base supports higher targets.

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Monica Rizk is the senior technical analyst for Phases & Cycles Inc. Ron Meisels is a contributor to the www.NA-marketletter.com website. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

Infographic: Bullish on LSI

Follow us on Twitter: @Monicarizk1, @RonsBriefs

 
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