Boston, MA, 04/22/2014 (usastockreport) – The overall weekly trend for Staples, Inc. (NASDAQ:SPLS) is down. The stock seems to be forming an inverted head and shoulders pattern in the weekly chart. However, this would only be confirmed once it breaks out of the pattern at around $17.00. The trend deciding level is at $13.30; longs should be considered only after a weekly close above this level. The other major resistance stands at $14.52 and $17.00. Major support exists at $11. A close below this would give the bears an upper hand. The RSI is at 38.65 and moving up, which is a bullish sign. The MACD is on the verge of a positive crossover. Hence it is advisable to take the long positions only after the MACD crossover happens.
(Fig:) Daily chart forStaples, Inc. (NASDAQ:SPLS)
The trend for Staples, Inc. (NASDAQ:SPLS) in daily chart is neutral. The stock has been on a trading range for the past couple of weeks. So the stock is now in a no-trade zone. It is better to remain on the sidelines for now. There is a gap resistance in the range $11.80 to $13.00. Fresh longs are recommended only after the stock closes above this gap resistance. Good support exists at $11.78 which is a 20 day Simple Moving Average. The next support stands at $10.41 and then at $9.48. The RSI is at 50.27 and moving up which indicates bullishness. The MACD is moving up and is on the verge of crossing the zero line. This is also a bullish sign.
A new partnership has been announced between 3D systems as well as Staples, Inc. (NASDAQ:SPLS). This partnership would enable the customers of staples stores to have access to 3D printing capability. Personalized items could be printed and created using 3D printing for the staples customers using the 3D hardware. It also allows customers to print their own designs in the store.