F5 Networks (FFIV) : Watch for a possible downwards movement


FFIV has a counter rally since its gap down on Jan 20.

The counter rally reach a height of $129 before it reverses. It did not break through the kumo resistance back then and the bearish view for FFIV remains.

Since the reversal on Feb 15, FFIV have not reach the $129 again. It reach a support of $111.76 and the bounce up did not break through the kumo again.

This time round, we see a doji formed on March 2. The price tried to go to $116 but end up closing at $112 closer to the day’s low; suggesting the lack of strength here to push up.

But, the biggest hint of a muted price movement for FFIV comes the following day, March 3

As I recall, the overall index was strong on that day. But, here we see FFIV exhibiting a bearish outlook on its chart.

My bet, is that FFIV is lacking news to help push it upwards in the short term.

I expect FFIV to break support at $111 and test the $100 region again with the next 2 months.

Target price for downward movement is $90

By iam802

Trend trading with Ichimoku