One of the more oversold chip stocks due to slowing forecast in recent ER.
Forming a very solid base at weekly vwap support, RSI moving up and forming a divergence on 1hr, 2hr, and 4hr.
PT would be around 171 mayyyybe 172 BUT, we would have to trade over the sellers vwap, earnings vwap, AND a higher high on daily RSI by the end of this week.
Looking at the May2023 OPEX on May19 slightly OTM calls, see what tomorrow looks like.
This is not confirmed yet! If you have a farther exp, I would say this is an opportunity to accumulate. You want to see that rollllling bottom.
If you buy with an exp of 2 weeks, give it a chance to confirm and trap some shorts to go all in.
Stop loss will be discussed in the coming days when we really talk about an entry.
Forming a very solid base at weekly vwap support, RSI moving up and forming a divergence on 1hr, 2hr, and 4hr.
PT would be around 171 mayyyybe 172 BUT, we would have to trade over the sellers vwap, earnings vwap, AND a higher high on daily RSI by the end of this week.
Looking at the May2023 OPEX on May19 slightly OTM calls, see what tomorrow looks like.
This is not confirmed yet! If you have a farther exp, I would say this is an opportunity to accumulate. You want to see that rollllling bottom.
If you buy with an exp of 2 weeks, give it a chance to confirm and trap some shorts to go all in.
Stop loss will be discussed in the coming days when we really talk about an entry.
Comment:
Need to see a little more, will probably repost this when I think it's ready. RSI divergences still intact on multiple timeframes, waiting for daily RSI confirm. Price will have to get over 165.50 (earnings AVWAP) to look good.
Trade closed manually:
Check recent post for actual trade.