WOLF is forming a bearish wedge on the daily after a power earnings gap to the downside. An underperforming semiconductor stock that will definitely breakdown if the market rolls over next week. Targets $24 and $22
WOLF has been falling since 2022, however, the volatility has also diminished in a consolidating wedge pattern, which has now converged.. on the fundamentals, the company has underperformed while spinning up their new factory, however, their revenue projections for 2027 are 4B ( seekingalpha.com/article/4669769-wolfspeed-capitalize-on-strong-ev-growth-compelling-valuation ). this leaves me wondering - what is the outlook for 2024? - where is the bottom and when will investors begin pricing in these projections. really interesting stock imo.
SWRLS
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@stealthptr, I do believe the bottom is near. $20 being obvious long term support. I just think in the event of the broader market rolling over in the short term, this would be an easy play to the downside.