Chart of the Day: SiTime Clocks in Some Bullish Moves
This EPS Diplomat name had a tremendous move last week and continues to hold the pop.
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It is not easy to tough out a stock that is in a firm downtrend, but when it breaks that trend it is very motivating. Take a look at SiTime (SITM), which had a monster move up last week and continues to hold that gap move. Notice that was made on bigger volume, and since these buyers are not giving up on the stock (selling) it means more highs are likely. In the span of two weeks SiTime has moved from strongly bearish to cautiously bullish, a huge leap.
The indicators are flashing bullish as well, the noted GoNoGo composite of indicators is teal, which is cautiously bullish. The moving average convergence divergence is confirmed on a buy signal and momentum is strong (but weakening a bit). Money flow is not great, but this rather illiquid stock is always difficult to navigate money flows.
No question the quick rise and recent close above the upper bollinger band (arrow) was enough to put SiTime in an overbought condition, now just a bit of time to consolidate. Parabolic stop and reverse, as see in the top pane on the chart, is bullish now and will provide some support.
As a member of the EPS Diplomats SiTime does not have a rating.
At the time of publication, Lang had no position in any security mentioned.
