F5 Networks (FFIV) : Ichimoku Chart Review, 21 Jan 2010

F5 Networks (FFIV) has a bad day closing on Friday.

Despite opening up on a fairly high price at $111.72, it fails to sustain its counter-bear rally and start losing ground from around 10:30 onwards.

The price went south after lunch and settled at a closing price of 109.97

Immediate resistance is at 2 levels.

1. From the Chikou Span at $111.60

2. From the massive kumo above at around $116 region

On the Ichimoku Weekly Chart, it has a support at $103.60

A fall below the support will give us a target of around $91

With its massive drop this week, will we see more selling as more investors or traders start acknowledging the reverse in trend?

Or will we see more folks coming into buy as it is a great buying opportunity at this much lower price? For those who are buying, do they believe that FFIV will regain the momentum?

By iam802

Trend trading with Ichimoku