The first chart is a review of the SOX. Despite the 200 MA violation on a closing basis, the SOX looks well positioned to bounce from this notable support level. It is deeply oversold and has retraced 50% of the Oct. - Jan. rally. The long lower shadow on today's candlestick foreshadows a change of direction.
BRCM and
SNDK started strong but at midday succumbed to selling pressure, however, they both showed resilience and rallied nicely off of their lows to form doji sticks. I am long
BRCM and ready to go long
SNDK if it can take out $62.00.
LRCX and
CYMI failed to hold support today. I will let them confirm support and/or a reversal before going long.
LRCX looks like it wants to retest its trendline and I'm not sure the accelerated trendline on
CYMI will hold.
The first chart is a review of the SOX. Despite the 200 MA violation on a closing basis, the SOX looks well positioned to bounce from this notable support level. It is deeply oversold and has retraced 50% of the Oct. - Jan. rally. The long lower shadow on today's candlestick foreshadows a change of direction.
BRCM and SNDK started strong but at midday succumbed to selling pressure, however, they both showed resilience and rallied nicely off of their lows to form doji sticks. I am long BRCM and ready to go long SNDK if it can take out $62.00.
LRCX and CYMI failed to hold support today. I will let them confirm support and/or a reversal before going long. LRCX looks like it wants to retest its trendline and I'm not sure the accelerated trendline on CYMI will hold.
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