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3PAR Inc (PAR) : Testing kumo support at 10.70

Having spotted a possible reversal on 3PAR and watching how it got dumped as it comes down breaking through the 11.25 support,  there is very little left for 3PAR.

The next level of support is identified by the kumo (a very thin layer); which suggest weak support.

If it goes below, there is a high chance that Tenkan sen – Kijun sen will exhibit a bearish cross. Couple it with the price going below the kumo, we will have a strong confirmation for a bearish outlook for 3PAR.

I think if the kumo fails to hold, the target price on the downside is around $9.05

Notes :

Couple of questions came to mind.

  1. How is 3PAR’s channel partner doing in APAC?
  2. How about the ‘new’ Regional Sales Director for APAC?
  3. Are 3PAR gaining grounds or sales in APAC?