Looking at moving average indicators as well as the MACD, Allegro MicroSystems seems to be preparing for a reversal trend looking to retrace back to its original support at 33.00-34.50
ALGM is making an Inverse Head-and-Shoulders and is on the verge of confirming the pattern.
With yesterdays volume it seems like it's ready for a break out.
The measured objective of this pattern would be somewhere around $34.40.
Do keep in mind $31.30 and 32.30 may act as resistance on the way to the final objective.
Uptrend following.
Based on EW, currently waiting for end of Ew 2, subsequently Ew 3 start up.
Support at 29.45, CL at 29.
TP at completion of targeted EW 3, TBC.
Allegro MicroSystems ALGM is a semiconductor company and fabless manufacturer of integrated circuits for sensor systems and analyst power technologies. The company’s products are used in the automotive and industrial sectors, and include solutions for developing electric vehicle control systems. Allegro’s circuit chips can also be found in data centers and green...
Allegro MicroSystems, Inc. develops semiconductor technology and application-specific algorithms. It provides current sensors, switches and latches, linear and angular position, and magnetic speed sensors. The firm designs, develops, fabless manufactures and markets of sensor ICs and application-specific analog power ICs enabling the emerging technologies in the automotive and industrial markets. The company was founded on March 30, 2013 and is headquartered in Manchester, NH.
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