As noted in the Trade Log yesterday, I shorted BRKS. This is a lesser quality Semi Equipment company as compared to LRCX, which I am also still short. I had shorted this one previously during the early February market decline.
The daily chart shows the trend line above which would be a ‘stop loss’ (for me, since I am already positioned) and also the preferred area to short if it takes another bounce upward. Regardless, the short-term bear view would be eliminated with a rise above 29.50.
The stock has already jumped from 23 to 27 since the early February mini crash and it has done so on consistently declining volume, which is not positive.
The weekly chart shows the bearish pattern, which would not be activated until the neckline around 22 is taken out. If that were to happen eventually, the measured target matches visual lateral support at 12. It’s interesting at least, but very much predicated on the Semi Equipment sector weakening, which has not yet conclusively happened.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason), which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.