Cloud Stocks Reaching A Short Term Ceiling

All of the cloud computing stocks are trading higher again this morning. Earlier today, Oracle Corp (NASDAQ:ORCL) purchased Taleo Corp (NASDAQ:TLEO) for $1.9 billion. This deal is certainly helping many of the leading cloud computing stocks to trade higher today.

Leading cloud stocks such as Rackspace Hosting Inc (NYSE:RAX), Citrix Systems Inc (NASDAQ:CTXS), and Aruba Networks Inc (NASDAQ:ARUN) are all approaching daily chart resistance levels. All of these stocks remain very strong on the charts by trading above the major daily chart moving averages. This tells technical traders that a pullback or some consolidation is likely to occur soon before these stocks can trade higher. Short term traders can watch for intra-day support on RAX around the $48.95, and $48.00 levels.

About Nicholas Santiago 575 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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