Chart of the Week: Arm Holdings
Hey good morning everybody. Happy Wednesday. It’s time for our chart of the week. We’re gonna be focusing on Arm Holdings today; ARM is the symbol. Let’s take a look at this chart. It’s starting to look real nice here in front of earnings coming up later on today.
We’ve got a nice chart of higher highs, higher lows. This is our textbook definition of an uptrend. You can see that forming right here. It’s hit a little bit of resistance here at around the $170 level. That was a high that was made at the end of June, beginning of July.
Pulled back a little bit, just a little bit under that 20 day moving average, which you can see is the dotted line here. And it’s made a nice recovery here on a little bit lower volume, which is a little bit concerning. We like to see a little heavier turnover. But of course we do have that news coming out with earnings later on this week. So maybe buyers are a little bit hesitant to step in before the earnings release come out.
But in any event, look at the on-balance volume on the bottom here. It’s been showing some really good strong movement, good money flows from the institutions.
MACD is on a buy signal as well right over here.
And then you know, all-time highs not too far away – over at about $175-180 from back in early-middle of February this year.
This one’s got some room to go. I think if the market takes the earnings strong – a lot of semiconductor stocks have been coming out with good strong earnings. We had Celestica which came out on Monday night, huge number. A couple of weeks ago we had a few days as well.
In any event, if this stock does well post-earnings, I think it’s gotta run to $200 here, which would be a nice 20% gain from current levels of about $164.
So keep your eye on Arm Holdings over here. Might be a good stock to take a look at in front of earnings. Thanks so much for watching everyone and I’ll see you guys next time.
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