BitterSweetMarkets
Long

The SIMO showing no real signs of slowing...

NASDAQ:SIMO   SILICON MOTION TECHNOLOGY CORP
13 0 1
The Weekly Chart on the SIMO             is continuing its Bullish outlook, the Up Channel from May 2014 coupled with the Inverted H&S pattern from March 2015 through to March 2016 tells us that this Stock could well make new highs on a weekly basis until it finds strong resistance around the 44.50 to 47.00 area (Red Highlighted Box). The Neckline Breakout confirms the H&S Pattern, the Dual Resistance Breakout confirms the Bulls are still dominating. However being oversold across the timeframes would suggest a Pullback is pending, we can expect to see that Pullback testing the Weekly Trendline Support and or the now Dual Support level keeping the uptrend intact.
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