CASTEX is trying hard to get fundamentals strong for the company well before the Electric Vehicle boom acts out in coming years.
No doubt its a very risky stock but what's the harm in watching what it's doing.
Observance develops patience and patience is the key for the market.
After a 3 wave correction the nasdaq composite managed to move up in what even I thought maybe 3 corrective. But maybe it is a leading diagonal and that changes everything. We have extensions long term and a new impulse wave up in wave 3 of 3 started for the Nasdaq. Then it changes the entire perspective for stocks. Bullish gaps as of now typical with 3rd waves
BUY signal at 75.27 $
Skyworks Solutions Inc. designs, develops, manufactures and markets semiconductor products, including intellectual property. The Company's analog semiconductors are connecting people, places, and things, spanning a number of new and unimagined applications within the automotive, broadband, cellular infrastructure, connected home,...
Applied Fibonacci levels to IT index.
Index seems to be closing above it short term resistance oh 16086 level. A strong breakout above previous highs of 16130 will be a buying opportunity in Tech stocks like Techm Infy TCS Wipro Mindtree which have been strong.
Weaker rupee may be a trigger. But one should wait for a breakout and not hurry since they have rallied...
It has been observed on NIFTY IT CNXIT weekly chart that a rising trend line has been acting as good support and resistance on several occasions.
PS: Request you to use this trend line setup as a supplement to your analysis before taking any position.