FleetMatics Group PLC (NYSE: FLTX)

Fleetmatics Group PLC provides software-as-a-service fleet management solutions for small and medium-sized businesses worldwide. The company offers Web-based and mobile application solutions that provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage, and other insights into their mobile workforce under the FleetMatics or SageQuest names. It serves owners and managers in the service and distribution industries that operate fleets of commercial vehicles. The company was founded in 2004 and is based in Tallaght, Ireland.
To review Fleetmatics’ stock, please take a look at the 1-year chart of FLTX (Fleetmatics Group PLC) below with my added notations:

FLTX has formed a relatively clear down-channel chart pattern over the last (4) months. A channel is simply formed through the combination of a trend line support that runs parallel to a trend line resistance. When it comes to channels, remember that any (3) points can start the channel, but a 4th point or more confirms it. You can see that FLTX has several points of channel resistance and support (red).
Also, the stock has moved back above its key level of $30 (blue). This should lead to a run back up to the channel resistance, which is nearing $32.

The Tale of the Tape: FLTX has formed a common pattern known as a channel, in this case a down channel. The stock also has support at $30. A long trade could be entered on a pullback down to the $30 support, or on a break through the channel resistance, which currently sits near $32.
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