Linear Technology Corp


For today's chart we've chosen to take a look at Linear Technology (NASDAQ:LLTC) because it is trading near an interesting level of support. Notice how the stock has pulled back toward the top of the gap that was created on April 18. This test of the support is interesting because it is looking like it will be an area that will be very influential on the short-term price action of LLTC. In this case, many bullish traders will wait for some more confirmation before taking a position. We'd expect that a drop below $35 would suggest that the bears are attempting to fill the gap and that we could see a corrective move toward $32.

We've also identified the 50-day moving average (green line), which we expect should help act as an additional area of support. The combination of the nearby support levels will cause many bulls to become interested in entering, but the slightest drop below $35 would change this story and a move toward $32 would be the likely result.

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