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This Semiconductor Stock Looks Ready to Reverse

Guy Ortmann

shows the stock breaking below important support at the $12.50 level last August, from which point it devolved into a notable and distinct series of lower highs and lower lows creating a discernable downtrend line. In early January of this year, price was finally able to close above said downtrend for the first time in five months. As price progressed higher, the stock was able to close above initial resistance at the $8.70 level.