ALGM- Waiting for confirmation signalsALGM- Waiting for confirmation signals
-Head n Shoulder pattern.
-More supply zone at the last key level support.
-Waiting for confirmation, and go dump!
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ALGM trade ideas
Is coming backPrice has been accumulating since Jul 2024 and it has been poking the 25.5 resistance level. Eventually is going to break it up, not sure when but keep adding at every pull back. SL triggers if the pattern is busted, a weekly candle closes below the 22.
ALGM potential Buy setupReasons for bullish bias:
- Price gave range breakout
- Price bounced from support
- No divergence
Here are the recommended trading levels:
Entry Level(CMP): 33.15
Stop Loss Level: 26.46
Take Profit Level 1: 39.84
Take Profit Level 2: 46.53
Take Profit Level 3: Open
ALGM - developing a double bottomALGM seems to breakout a 31.36 - 31.42 resistance it tested twice in December, forming a double bottom pattern, what might indicate a reversal of a downtrend it suffered last year. 31.36 is an important .236 retracement level of a major correction wave from the last year, while 31.42 is a full local retracement. Should it hold 31.36-31.42 this week, next target should be 38.18-38.85 per the depth of W and fibo .5 retracement of the major correction.
ALGM - developing double bottomALGM seems to breakout a 31.36 - 31.42 resistance it tested twice in December, forming a double bottom pattern, what might indicate a reversal of a downtrend it suffered last year. 31.36 is an important .236 retracement level of a major correction wave from the last year, while 31.42 is a full local retracement. Should it hold 31.36-31.42 this week, next target should be 38.18-38.85 per the depth of W and fibo .5 retracement of the major correction.
Breakout incoming Allegro take a boost on Friday scoring a +5% but it’s only the beginning
Price is now ready to cross downtrend purple line breaking bearish trend
I think price will rise strongly after breakout
Beware of earnings on 1 February
Strong upside channelAllegro is moving inside a strong upside channel
Solid earnings growth can take to a +30% in the next months
Bullish divergence & long term supportWith bullish divergence on the RSI and long term support, not a bad time to hop in. Only 1% trade with a tight stop loss. Note the limit order still a bit lower.
ALGM Potential BreakoutBased on daily chart, the moving average almost forming a golden cross. Then, the weekly chart shows a potential rebound from oversold region.
LIFT OFFFinally broke the top resistance very strong.
Be careful with Powell in 2 days. Take gainz when you get them!
At resistance$ALGM had great earnings and has since calmed down from it a tad.
At $46-ish seems like it has strong buying under it with that large candle on daily.
$48 is a conservative target and it could hit around and in the $50s.
Focus on RR and size, Powel next week SPY has lots of room.
ALGM - Allegro MicroSystems, Inc.Been eyeing this one. Had a nice move on Thursday, breaking out with a surge in volume. May regret not buying, but decided to hold off with earnings coming up on Tuesday morning. Still one of the top names on my focus list.
ALMG- Trend Reversal Looking at moving average indicators as well as the MACD, Allegro MicroSystems seems to be preparing for a reversal trend looking to retrace back to its original support at 33.00-34.50
ALGM making an Inverse-Head-and-Shoulders. Will it break?ALGM is making an Inverse Head-and-Shoulders and is on the verge of confirming the pattern.
With yesterdays volume it seems like it's ready for a break out.
The measured objective of this pattern would be somewhere around $34.40.
Do keep in mind $31.30 and 32.30 may act as resistance on the way to the final objective.
ALMG : Automotive Semiconductor ManufacturerUptrend following.
Based on EW, currently waiting for end of Ew 2, subsequently Ew 3 start up.
Support at 29.45, CL at 29.
TP at completion of targeted EW 3, TBC.
MASSIVE Volume from $30 SecondaryThis $30 secondary was eaten up pretty quickly, a ridiculous peak was created. This is also bullish sign, I have no planned positions however.
ALGM: A Fabless Semiconductor recently IPOedAllegro MicroSystems ALGM is a semiconductor company and fabless manufacturer of integrated circuits for sensor systems and analyst power technologies. The company’s products are used in the automotive and industrial sectors, and include solutions for developing electric vehicle control systems. Allegro’s circuit chips can also be found in data centers and green energy applications.
Look at the pattern that is put in there and developed. If you apply our logic for IPO stocks then you should have bought it on second day as stock closed above the first day close. And since then stock has done 53%. Looking at it you can see stock found the support at previous price level where stock had changed the hands most and that was slightly below 21 level.
As you can see stock is making new high crossing the old one. This will excite the traders even more fueling it further. Only thing is it is purely an academic study since we do not trade outside markets.
