Dallas, Texas 05/02/2014 (FINANCIALSTRENDS) – F5 Networks, Inc.(NASDAQ:FFIV) has seen selling pressure at times when the stock has tried witnessing an uptrend. The stock has been forming lower tops and lower bottoms which is a bearish signal. The stock has currently taken support at $102.80 and has seen buying momentum return in the stock. The stock moved up yesterday on the back of good volumes which makes us believe that the stock can move up further and would find its first resistance at the $109.01 levels which is also the 50 day moving average for the stock.
The momentum indicators for F5 Networks, Inc. (NASDAQ:FFIV) have been in negative territory and are showing first signs of a bullish crossover which would generate a sell signal and would confirm to us that the stock might see an uptrend in the near term. The relative strength index for the stock for the first time in many months is showing signs of a reversal on the daily charts and confirms our bullish stance on the stock in the near term.
The weekly charts for F5 Networks, Inc.(NASDAQ:FFIV) have seen a handsome pull back after the stock took support from its 200 day weekly moving average which is currently at $100.27. The momentum indicators though not bullish are showing first signs of a shift in momentum. On the other hand, the relative strength index for the stock is showing signs of a reversal which can be considered to be a buy signal which confirms our bullish stance.
Latest Buzz: F5 Networks, Inc.(NASDAQ:FFIV) stock saw very good volumes on the back of the price action in yesterday’s trade. Option traders on the stock are very bullish that the stock can easily trade up to levels of $110 in the near term and has very good support at $100.80.