Skyworks Fights Back Above the 50-day SMA
Semiconductors have remained one of the strongest corners of the market. Now Skyworks Solutions could be ready to join the rally.
The iPhone supplier has struggled with insider selling despite beating estimates on November 2. But its chart is looking more bullish lately.
The first signal was MACD turning positive back on November 30. That was the same day Morgan Stanley and Loop Capital issued bullish notes on iPhone 12 demand. SWKS gets about half its business from Apple.
Next, SWKS is just now climbing above the 50-day simple moving average (SMA) after testing it for three sessions.
Finally, the chart resembles a cup and handle. September’s low is the cup and November is the handle. That’s a classic continuation pattern investors seek in a growth stock like SWKS. After nearly six months of going almost nowhere, it could be a sign of momentum coming back.
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The iPhone supplier has struggled with insider selling despite beating estimates on November 2. But its chart is looking more bullish lately.
The first signal was MACD turning positive back on November 30. That was the same day Morgan Stanley and Loop Capital issued bullish notes on iPhone 12 demand. SWKS gets about half its business from Apple.
Next, SWKS is just now climbing above the 50-day simple moving average (SMA) after testing it for three sessions.
Finally, the chart resembles a cup and handle. September’s low is the cup and November is the handle. That’s a classic continuation pattern investors seek in a growth stock like SWKS. After nearly six months of going almost nowhere, it could be a sign of momentum coming back.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
