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Novellus (NVLS) Downgrade Alert, Watch for 1.5% Technical Downtrend Continuation - 11/3/2009 8:45:57 AM

By Chip Brian, SmarTrend Analytics Team
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Novellus (NASDAQ:NVLS) downgraded to Underweight at Morgan Stanley. The stock closed yesterday at $20.55 on volume of 4,293,024 shares, above average daily volume of 0.

Novellus Systems should find initial support at its 50-day moving average of $20.46 and further support at its 200-day moving average of $17.39.

SmarTrend is bearish on shares of NVLS and our subscribers received a Downtrend alert on October 30, 2009 at $20.87, which has returned 1.5% to date.

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