Most semiconductors have rolled over in the recent corrective phase, however, some names have managed to pullback gracefully and are well positioned to move higher on the next SOX bounce. Here are a few of my favourites and why I like them.
NVDA had a perfect reversal off its lows today and managed to close well above the trendline. The long lower shadow is a strong reversal indicator after the recent weakness. The only concern I have is the lower high, but we will observe closely as price makes it way back up.
GNSS has had an orderly pullback to its breakout trendline and continues to make higher highs. If this support holds, we should be good to resume the uptrend.
Today
CYMI carved out a bullish engulfing reversal pattern on higher volume at the 50 day MA support level. Need I say more?
CY continues to make higher highs and higher lows and has yet to breach its trendline. The RSI remains strong. The recent pullback was orderly and on lower volume. This stock could move higher if the SOX picks up any kind of momentum in the coming days.
NVDA had a perfect reversal off its lows today and managed to close well above the trendline. The long lower shadow is a strong reversal indicator after the recent weakness. The only concern I have is the lower high, but we will observe closely as price makes it way back up.
GNSS has had an orderly pullback to its breakout trendline and continues to make higher highs. If this support holds, we should be good to resume the uptrend.
Today CYMI carved out a bullish engulfing reversal pattern on higher volume at the 50 day MA support level. Need I say more?
CY continues to make higher highs and higher lows and has yet to breach its trendline. The RSI remains strong. The recent pullback was orderly and on lower volume. This stock could move higher if the SOX picks up any kind of momentum in the coming days.
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