This Chip Stock Clears Entry On Strong Report; China Play Breakout Goes Awry | ||||||
BASES AND BREAKOUTSSEMTECH (SMTC) Buy Point: 55.80 | Buy Zone: 55.80 - 58.59 Current Action: The chip stock has cleared an alternate entry of 55.80, IBD MarketSurge analysis shows. The 50-day moving average has just climbed above the 200-day line, a bullish technical maneuver known as the golden cross. The relative strength line is also spiking, though it remains off its 52-week high. Overall performance is excellent, with the stock holding an IBD Composite Rating of 95 out of 99. The stock was boosted Tuesday following a better-than-expected quarterly report. EPS popped 273% to 41 cents while the firm also served up sunny guidance. Analysts are also bullish, with full-year EPS seen rising 88% in the current fiscal year before slowing to 28% growth the next. The company makes high-performance semiconductors and cloud connectivity systems. |
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