ALGM- Waiting for confirmation signalsALGM- Waiting for confirmation signals
-Head n Shoulder pattern.
-More supply zone at the last key level support.
-Waiting for confirmation, and go dump!
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ALGM trade ideas
ALGM - developing a double bottomALGM seems to breakout a 31.36 - 31.42 resistance it tested twice in December, forming a double bottom pattern, what might indicate a reversal of a downtrend it suffered last year. 31.36 is an important .236 retracement level of a major correction wave from the last year, while 31.42 is a full local retracement. Should it hold 31.36-31.42 this week, next target should be 38.18-38.85 per the depth of W and fibo .5 retracement of the major correction.
ALGM - developing double bottomALGM seems to breakout a 31.36 - 31.42 resistance it tested twice in December, forming a double bottom pattern, what might indicate a reversal of a downtrend it suffered last year. 31.36 is an important .236 retracement level of a major correction wave from the last year, while 31.42 is a full local retracement. Should it hold 31.36-31.42 this week, next target should be 38.18-38.85 per the depth of W and fibo .5 retracement of the major correction.
ALGM making an Inverse-Head-and-Shoulders. Will it break?ALGM is making an Inverse Head-and-Shoulders and is on the verge of confirming the pattern.
With yesterdays volume it seems like it's ready for a break out.
The measured objective of this pattern would be somewhere around $34.40.
Do keep in mind $31.30 and 32.30 may act as resistance on the way to the final objective.
ALGM: A Fabless Semiconductor recently IPOedAllegro MicroSystems ALGM is a semiconductor company and fabless manufacturer of integrated circuits for sensor systems and analyst power technologies. The company’s products are used in the automotive and industrial sectors, and include solutions for developing electric vehicle control systems. Allegro’s circuit chips can also be found in data centers and green energy applications.
Look at the pattern that is put in there and developed. If you apply our logic for IPO stocks then you should have bought it on second day as stock closed above the first day close. And since then stock has done 53%. Looking at it you can see stock found the support at previous price level where stock had changed the hands most and that was slightly below 21 level.
As you can see stock is making new high crossing the old one. This will excite the traders even more fueling it further. Only thing is it is purely an academic study since we do not trade outside markets.
