Here's a Semiconductor Name You Probably Don't Recognize, But You Should
A close look at the charts reveals a semiconductor holding with an opportunity to go long.
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Credo Technology Group Holding CRDO is an innovator in providing "secure, high-speed connectivity solutions that deliver improved power and cost efficiency as data rates and corresponding bandwidth requirements increase exponentially throughout the data infrastructure market."
The name is new to me and the charts are looking positive. Let's take a closer look.
In this daily bar chart of CRDO below, I can see that prices have more than doubled in the past year. CRDO recently rebounded off the rising 200-day moving average line and closed above the 50-day line. The trading volume has been more active since December, telling me there is increased investor interest. The On-Balance-Volume (OBV) line shows us a positive trend the past year as buyers of CRDO have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator recently turned back above the zero line for an outright buy signal.
In this weekly Japanese candlestick chart of CRDO below, I can see that prices have made a powerful move higher the past 18 months. Prices trade above the rising 40-week moving average line. The weekly OBV line shows a positive trend since last May. The MACD oscillator is in a bullish alignment above the zero line. The three most recent candles are very strong (white real bodies) with no upper shadows.
In this daily Point and Figure chart of CRDO below, I can see a potential upside price target in the $65 area.
In this weekly Point and Figure chart of CRDO below, I can see a $65 price target like the daily chart above.
Bottom line strategy: Risking to $30, traders could go long CRDO looking for gains to the $65 area.
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