Let’s take a ride on Rambus. $RMBS – May 11, 2023
This Scott with your Chart of the Day. I want to take a ride on the Rambus ( NASDAQ: RMBS ). Okay, it’s not a real bus, it’s a semiconductor stock.
But if you haven’t noticed already, semiconductors, I’m looking at the ETF right here, are interesting because they are kind of just going sideways. A little bit of a base pattern here around a cluster of moving averages. And so at StockMarketMentor.com we have a few semiconductors that we are watching right now.
One of the ones that I have my eye on is Rambus ( NASDAQ: RMBS ). It is in an uptrend, above all the major moving averages, and not doing anything wrong in a market where if you turn on the news they make it sound like everything is going to zero. And maybe that’s the case, but at least not right here right now.
Rambus ( NASDAQ: RMBS ) is in an uptrend, it is above all the moving averages. We have clear support right around this red line, that’s the 50-day moving average. I have this little drawing tool and I can draw a clear downward sloping trendline from the highs, right there, and connect some tops. Kind of right there, right there, right there, you can see this clear level of resistance.
What I what to see from Rambus ( NASDAQ: RMBS ) is a strong move through that zone coming on, ideally, higher than average volume. Now, that volume is going to soak up any supply that may be left over from anyone who is still stuck and under water in this stock from the month of April.
I want to see if this can follow-through and potentially test the highs up here at around $52.00. And if it can do that there is a probability that is goes higher because if I zoom out you can see Rambus ( NASDAQ: RMBS ) is within striking distance of it’s all-time high. So this is definitely one stock that I am watching and recommend you add it to your watch list too.
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