Cirrus Logic Pulls Back to Key Levels
Cirrus Logic began 2021 with a breakout to new highs. Now it’s pulled back to some potentially interesting levels.
First, Thursday’s close around $86 is near the old peak in January 2020. Will old resistance become new support?
Second, CRUS has returned to its 50-day simple moving average for the first time since it started running in late September.
Third, stochastics are deeply oversold.
CRUS relies heavily on Apple iPhones as an end market. It initially tried to rally on January 28 after AAPL’s blowout results, and was swamped by bearish short-term momentum. Strong quarterly results two sessions later were also ignored.
The iPhone cycle and semiconductors in general have been very strong. CRUS may need some time to stabilize, but trend followers will be watching to see if it holds this zone and the 50-day SMA.
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First, Thursday’s close around $86 is near the old peak in January 2020. Will old resistance become new support?
Second, CRUS has returned to its 50-day simple moving average for the first time since it started running in late September.
Third, stochastics are deeply oversold.
CRUS relies heavily on Apple iPhones as an end market. It initially tried to rally on January 28 after AAPL’s blowout results, and was swamped by bearish short-term momentum. Strong quarterly results two sessions later were also ignored.
The iPhone cycle and semiconductors in general have been very strong. CRUS may need some time to stabilize, but trend followers will be watching to see if it holds this zone and the 50-day SMA.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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