SWKS breaks below previous session low
Skyworks Solutions (SWKS) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, SWKS ended Monday at 97.73 losing $0.74 (-0.75%). Today's closing price of 97.73 marks the lowest close since April 9th. Closing below Friday's low at 98.15, the stock confirms its breakout through the prior session's low having traded $0.88 below it intraday.
Daily Candlestick Chart (SWKS as at Apr 16, 2018):
Monday's trading range was $2.23 (2.26%), that's below last trading month's daily average range of $2.98. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
Breaking below the key support level at 98.31 today, it is now likely to act as resistance going forward.
While the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Selling could accelerate should prices move below the close-by swing low at 95.22 where further sell stops might get activated. With prices trading close to this year's low at 94.05, downside momentum could speed up should the market break out to new lows for the year. As prices are trading close to April's low at 95.22, downside momentum might accelerate should SWKS mark new lows for the month.