Adtran is Communicating with the Market

• Posted by Greg Harmon
• on June 27th, 2013

Adtran, $ADTN, is a name that has been on my watchlist this week, as it has held up very well during the recent pullback. It is currently consolidating under 24.60, touching the underside of it again Thursday. A move through it triggers a Measured Move higher to 27.65. It also would send it on towards the AB=CD pattern target at 26.60 off of the October

2012 low. There is support for a continued move higher from the Relative Strength Index (RSI) that is reversing back higher, never giving up bullish territory, and a Moving Average Convergence Divergence indicator (MACD) that is about to cross to positive. A move over 25 also breaks the downtrending Point and Figure resistance, where the bullish price objective is already at 36.50. Wait for the break over 24.60 to get the ball rolling. I have added a weekly chart here as well showing the AB=CD is a reversal from the AB=CD lower and would take it to a 38.2% correction.

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