Well, here comes old friend Silicon Motion back down to earth. Apparently news of an acquisition has induced profit taking in this quality Fabless Semiconductor company based in Taiwan.
Due your DD on fundamentals. As you will see in NFTRH 340’s opening notes I am very busy for the next month and am depending on you to do your work. I’ll be jumping subjects and through hoops!
The chart is very clear. Initial support is hit today and primary support begins in the 27’s. A stingy, non-desperate buyer might try to wait for the 27 or so. A buyer who wants a position and can stand some downside grinding for a bottom might buy the 29’s.
Buy Target: 27.50 +/- (lower risk), 29-30 (subject to additional downside)
Sell Target: Unclear by this chart, but a weekly we reviewed with the previous update on SIMO measured to 37 or so. We’ll go with that.
Stop Loss: Below 27 (conservative) or a lower low to March’s 25.25
A reminder that chart based NFTRH+ updates are just trade setup ideas, which may not be revisited as the parameters are already noted. They are meant as a starting point for further research if interested. Fundamentals-based ideas are also provided for your further research only. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst.