Chart of the Week: Arm Holdings
Today we’ll be focused in on Arm Holdings, symbol ARM. So let’s take a look at this chart and see why it has my interest over here.
It’s not completely in bullish mode – it’s approaching there. But it has had a couple of really nice weeks. You can see the nice channel that it created here of higher highs and higher lows. And then on Monday, May 13 the stock bolted out on pretty good volume and tagged just underneath that 50 day moving average. So we can expect a little bit of a pullback here, a little bit of maybe consolidation.
Chaikin money flow is still bearish, but the MACD is crossed over for a buy signal and that’s strong. And notice that the recent volume over here has been pretty strong. We also have a series of higher highs and higher lows in the relative strength – that’s positive.
But we do have some resistance from these tops back in February, March and early April. So we could run into some resistance back up to the $125 – $130 range. But we are at $117. We’ve had a nice run here the last three days from about $99 to $117, which has been a nice pop for the stock.
We like Arm Holdings even if stays up here and goes sideways for a bit – that would be fine. But I think that eventually the stock is gonna make a move to the upside back towards the all-time highs – about $160 or so. It might take a little bit of time, but if you’re patient, you can wait for it.
Arm Holdings is one to watch.
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