We have been watching the Semiconductor index re-take some of its past leadership in the broad US market. Hence, some favored Semi stocks are back on radar, for the short-term at least.
Silicon Motion (SIMO) is in a short-term bottoming pattern with clear parameters. This quality company was sold down hard on a combo of a weak Semi index and also China/Asia market problems (Silicon Motion is based in Taiwan). The neckline to the pattern is now support, which can be used generally as a ‘stop loss’.
Buy Target: Current level to 25
Sell Target: Pattern measurement is to around 30
Stop Loss: Below 25 to suit risk tolerance
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.