Here’s a logical level to watch on Cirrus Logic $CRUS – August 20, 2024
This is Scott McGregor at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a quick look at Cirrus Logic ( NASDAQ: CRUS ).
Cirrus ( NASDAQ: CRUS ) is in a really strong uptrend, above all the major moving averages. And right off the bat I really like the fact that this stock has had multiple positive earnings reports in a row. And so earnings-wise, this stock looks good, technical wise this stock looks good.
Now it’s just a matter of where to buy it. I think a pretty logical level on Cirrus Logic ( NASDAQ: CRUS ) is right under that 143.00 zone. You can see how it hit just under 143.00 here in July. It pulled way back under the 50-day moving average, rebounded back above, and now is just consolidating under that high.
And so if this stock does continue to consolidate I’d love to see this just grind sideways a little bit, build a nice base of consolidation, and ideally, just ride that daily 8 exponential period moving average that should flatten out if we do get some sideways consolidation.
And then watch for that breakout above 143.00, coming on volume. So I would just set a quick alert right around 143.00, and then don’t look at the stock until it breaks out and makes a new high, and you get confirmation of this trend continuing.
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