Flextronics International Ltd. Charts: Where Flex Stock is Going
- Buz Trader Checking this out Where Flex Stock is Going I am bullish on Flextronics International Ltd. (NASDAQ:FLEX) stock, and what caught my eye originally was the size and scope of the bullish pattern that I just happened to stumble upon.
- FLEX stock has generated a bullish pattern that has defined trading since its shares bottomed in 2009. Large patterns that span over long time periods are more significant and have a tendency to outperform similar smaller patterns over short time horizons.
- The time frame I use will depend on the duration I wish to hold that position. I always start with a longer-term time horizon, as this eliminates noise and smooths out the signals.
Where Flex Stock is Going Trending Up
Where Flex Stock is Going Since FLEX stock bottomed in 2009, the trading action has set up a large and long ascending channel. An ascending channel is a bullish pattern that consists of two positive sloping parallel lines that contain the price. FLEX stock will oscillate from support and resistance, and this trend will continue for as long as time permits. The standout with regards to this pattern is that the longer I hold onto Flextronics stock, the levels of support and resistance continue to move higher as well. Buy and hold investors love these type of patterns.
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The panel on the bottom of the chart labeled “MACD” supports the bullish premise. Moving average convergence divergence (MACD) is a simple and effective trend-following momentum indicator. Signal line crossings are used to distinguish between bullish and bearish signals. A bullish cross just generated on the monthly chart above means that bullish momentum has overtaken the bearish momentum, and the bulls are now in full control of FLEX stock.
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