Semi-conductors/chip stocks took a big dip this week after more negative earnings reported.
I am watching this inverse head & Shoulder pattern for a reversal with huge upside potential. Declining selling volume. Near oversold RSI
High risk (manage risk) as we are at a major support level. If we lose this level, the weight could get really heavy back into the 70's range.. are you catching my drift?
I am not sure that AMD has a presence in China. Seems that AMD can shine when it is raining on NVDA. ( SOXL the #X leveraged semi-conductor ETF is making a move) Sellers offloading NVDA may end up buying its competitors. MU just announced a mega factory for Idaho. Seems reasonable to take a chance this idea is a strong good one.
ChaldeaCode
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@AwesomeAvani, Thanks! Good insight, ill do DD on those other tickers
AwesomeAvani
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@ChaldeaCode, Yeah the semi-conductors have great range and volatility makes for interesting and potentially profitable trades for the nimble day traders on the watch. I realize your idea was more a long swing type setup coming from a weekly chart.
BigApeManStrong
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This is great analysis but it seems that we're dealing with a potential Black Swan event in regards to US mandated China/Russia chip sale restrictions
Sellers offloading NVDA may end up buying its competitors. MU just announced a mega factory for Idaho. Seems reasonable to take a chance this idea is a strong good one.