SMCI Is it a by after the stock split??Super Micro Computer Inc (SMCI) just had their 10-for-1 stock split and what's on everyone's mind now is this: Is it a buy? Well after a fresh 8-month Low last Thursday, the market certainly doesn't look at its best, quite the contrary, it is on the worst position it could be after the July 15 High and the start of a Channel Down with series of Lower Highs and Lower Lows.
There is a certain level though, where all of SMCI corrections came to an end since the March 23 2020 bullish break-out during the COVID flash crash, and that is the 1W MA100 (green trend-line).
As you can see, before the stock turned completely parabolic in May 2023, it was trading within a Channel Up since the October 01 2018 market bottom. With the use of the Fibonacci Channel levels, we can accurately put into context the subsequent parabolic move too, which extended all the way to almost the 4.0 Fibonacci extension on the week of March 04 2024 and the All Time High (ATH), before starting its correction.
In the meantime, notice the excellent Buy Signal that the 1W RSI is giving in the last 6 years, every time it approaches the 30.00 oversold barrier.
So as long as the 1W MA100 keeps closing the stocks weekly candles above it, we will be bullish, targeting $125.00 (the ATH). If that fails to support though, expect further downside to the 1W MA200 (orange trend-line), where we will place a second long-term buy.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
