Qorvo (QRVO) Continues To Channel Down
Qorvo, Inc. engages in the provision of development and commercialization of technologies and products for wireless and wired connectivity. It operates through the following reportable segments: Mobile Products and Infrastructure & Defense Products.
Take a look at the 1-year chart of Qorvo (NASDAQ: QRVO) below with my added notations…
Chart of QRVO provided by TradingView
Over the past year, QRVO has been trading within a well-defined down trending channel. Except for two false breakouts, all of the stock’s price action has been contained with the channel’s support and resistance lines. At some point, QRVO will break out of the pattern.
The Tale of the Tape: QRVO has formed a down channel. A long trade could be entered on a pullback to the channel support, which is currently approaching $85, or on a break of channel resistance. Short trades could be entered at channel resistance or if the stock were to break below the channel support.
Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.
No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!
Christian Tharp, CMT
Do not trade options until you watch my urgent message:
Christian Tharp, CMT
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