SMCI Has it topped?
Super Micro Computer Inc. (SMCI) is about to complete a 10 straight green week streak if the 1W candle closes bullish today. This is a highly impressive feat that not only it hasn't done before but only a few stocks have managed to do historically. On the other hand, this may be a signal that yet again, SMCI is time to take a breather.
Why? First because it has completed a +417.86% price increase since the October 30 2023 Low, which is the exact % rise the stock did during its previous Bullish Leg from January 27 2023 to July 31 2023. At the same time, the 1W RSI is testing the top (Higher Highs trend-line) of the Channel Up that started in June 2018.
If rejected today, we expect the stock to correct by -35.55%, which might be significant, but nothing compared to the rise it has achieved. In fact as you can see on the chart, such % decline has been very common in the past 4 years. Amidst the correction, we expect it to make contact with the 1D MA100 (red trend-line). As long as the 1W MA50 (blue trend-line) holds as a Support, the long-term bullish trend is intact, and every such correction is a long-term buy opportunity.
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Why? First because it has completed a +417.86% price increase since the October 30 2023 Low, which is the exact % rise the stock did during its previous Bullish Leg from January 27 2023 to July 31 2023. At the same time, the 1W RSI is testing the top (Higher Highs trend-line) of the Channel Up that started in June 2018.
If rejected today, we expect the stock to correct by -35.55%, which might be significant, but nothing compared to the rise it has achieved. In fact as you can see on the chart, such % decline has been very common in the past 4 years. Amidst the correction, we expect it to make contact with the 1D MA100 (red trend-line). As long as the 1W MA50 (blue trend-line) holds as a Support, the long-term bullish trend is intact, and every such correction is a long-term buy opportunity.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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