cletibals

SIMO - Setting up as the market chops

Long
NASDAQ:SIMO   Silicon Motion Technology Corporation
1) Solid fundamentals with a history of beating earnings the past year - with the last earnings announcement resulting in a gap up.

2) SIMO has since had time to base out, forming a cup and handle pattern just as the market is chopping with no apparent direction.

3) VCP type characteristics on the handle, with volume drying up to a trickle. I like this ticker as price tightens, volume continues to contract and finally breaks out of the pivot point .
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