A couple of days ago I asked if anybody was interested in charts and didn’t get much response. However, I thought I would share some charts today having spent a lot of the weekend doing technical analysis on lots of charts. None of the posts are intended to be buy/sell/hold recommendations or any advice. I am posting for fun and to try to stimulate some discussion. I am happy to discuss the charts but the charts I’m posting are rather simple because I use a lot of different indicators and have scripts that run over the data to provide signals and analysis so it would be difficult to post all of that. Also T212 charts don’t always go back as far as some of the lines that I am drawing are derived from.
Anyway this thread is for some semi stocks. At the moment some of the companies have taken a bit of a knock because of global economic worries (recession, etc.) and some of the companies have reported falls in revenue and lowered forecasts. However, the semi sector because the share price can be the opposite of what you would expect and can start to rise in poor times and can take a pretty long term view. I’ve worked in the industry so know it fairly well and there are several significant things going on at the moment. Some of the emerging software technologies are going to increase demand for semiconductors and some semiconductor technologies are undergoing significant development (ie packaging). Thus I’m perhaps more bullish than some.
So some comments:
ASML - it went ex-dividend on Friday but gapped up and multiple indicators giving buy signals. It has either been in an upward channel or a converging triangle depending how you draw lines on the chart but broke out of that downwards a couple of weeks ago and the current price is at a strong support/resistance (SR) level so it will be interesting to see where it goes. Oscillator signals are showing it oversold and have turned positive.
LRCX - is an interesting one. Since looking at the charts over the weekend it is rising today. It was on a down trend/channel (decreasing green & yellow dashed lines) and you could argue that there are horizontal channels (white dashed lines). More recently it clearly broke out of the down channel/trend and has sat in the horizontal white line channel but actually has been in a converging triangle which has to come to an end soon. It has tested the upper white SR line and the upward yellow SR line multiple times. Last week multiple indicators turned positive and its up today.
SNPS - it has been (and still is) in a horizontal channel for a while (white box). However, it has also been in a fairly strong up channel (yellow lines) and interesting how it has moved between the upper and lower halves of that channel. It has (line other semi stock) broken out downward in the last couple of weeks but again generating positive signals and indicators last week. On the screenshot I have highlighted the other occasions that the stochastic oscillator bounced off the oversold band.
TSM - I’ve included a couple of screenshorts for TSML to show how some of the lines are derived. Again its been in an upward channel and has broken out downward but now generating positive signals. TSM has made some news announcements recently which include a statement that they intend to accelerate use of newest chip technology in cars, that Honda are sourcing their chips from TSM (with a collaborative agreement) and SNPS and TSM have announced EDA Flow collaboration
