Downtrend Weakens For Knowles Corp (NYSE:KN)

by Sean Patterson | Tuesday, Apr 22, 2014 | 6368 views

Boston, MA, 04/22/2014  (usastockreport) –   On analyzing the weekly charts for Knowles Corp (NYSE:KN), the stock has formed a bullish doji on the weekly charts. This is a bullish sign and it shows that the downtrend is weakening. There is indecisiveness between bulls and bears at this point and a positive close next week would change the trend to bullish. Strong support exists at $29.50, and then at $27.00; and strong resistance exists at $33.50. For the safe traders, longs are recommended only above $33.50.

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(Fig:) Daily chart forKnowles Corp (NYSE:KN)

The stock made a positive close on the daily chart and closed above the important level of $30.55. This is a bullish sign. For those who are willing to take a risk, longs can be attempted with a stop loss of $29.50. The stock has been in a trading range for several weeks now. Hence, to be on safe side, it is advisable to take longs only above $33.50.

Good support exists at $30.55 and then at $28.41. The daily pivot stands at $31.27 which would act as a short term resistance. The next resistance stands at $34.20 and then at $36.80. The RSI is at 48.87. It has made a double bottom and is moving up, which is a bullish sign. The stock is trading inside a narrow channel currently. The price of $33.5 would act as the breakout level from this channel. The lower end of channel stands at $28.00 which would act as a strong support for the time being. Long term traders/ investors can hold onto the stock as long as it trades above $28.00.

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Apollo Investment Corp. (AINV) has been replaced by Knowles Corp (NYSE:KN)in the list of S&P MidCap 400. The estimated quarterly revenue for Q1 of 2014 for Knowles Corp (NYSE:KN) has been announced by the company to be between $270 million to $275 million. The result for Q1 would be declared on April 28, 2014.Knowles Corp (NYSE:KN) had been earlier spun-off from Dover corporation.

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