Dallas, Texas 04/17/2014 (FINANCIALSTRENDS) – Linear Technology Corporation (NASDAQ:LLTC) plunged on Wednesday with a fall of 4.37%, the stock made a low 44.27 but managed to consolidate at 45.07. The stock has been on a downward bias and in the last few days, the stock is currently trading below its 200 day moving average and 50 day moving averages which stand at 42.40 and 47.02 respectively.
The daily chart for Linear Technology Corporation (NASDAQ:LLTC) suggests the stock is weak and has a strong downward momentum, the momentum indicators for the stock are on a downward trend and nearing the oversold zone, this is a bearish sign and indicates weakness in the stock, the relative strength index for the stock are indicating a bearish tone and reaching the oversold region, the stock may continue with its downward trend and see a trend reversal once the indicators turn upwards from the oversold zone.
The weekly charts for Linear Technology Corporation (NASDAQ:LLTC) are also giving the same picture, the stock had been trading in a very neutral manner, but saw a substantial loss in the previous couple of weeks, the momentum indicators on the weekly charts suggest a downward bias for the stock, Relative strength index to is in the no trade zone but the curve has moved downwards, this is a bearish trend and the stock may continue to see a downward trend in the upcoming trading sessions.
On the upside the stock has a strong resistance around 51.71 and on the downside the stock may test 43.66 and find a support at this level, a breakout below this level could see the stock test 42.20 levels which is its 200 day moving average
Liner Technology’s Chief Operating Officer discusses F3Q 2014 results on April 16th. He stated the sales surged by 4% and the gross margin percentage pegged at 75.7% a rise from previous 75.3%