SWKS dominated by bulls lifting the market higher throughout the day


Skyworks Solutions (SWKS) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
SWKS dominated by bulls lifting the market higher throughout the day
SWKS finds buyers at key support level
SWKS pushes through 50-day moving average
SWKS closes higher for the 2nd day in a row
SWKS pushes through previous session high
TQ Sentiment
Report Sentiment: 55% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, SWKS ended Thursday at 99.71 gaining $0.87 (0.88%) on low volume. Today's closing price of 99.71 marks the highest close since April 12th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 98.88, the stock confirms its breakout through the previous session's high having traded $1.22 above it intraday.

Daily chart for SWKS
Volatility

Thursday's trading range was $1.79 (1.82%), that's below last trading month's daily average range of $2.70. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Price Action

In spite of a weak opening the share managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

After trading as low as 98.31 during the day, the market bounced off the key support level at 98.39. The failure to close below the support might increase that levels importance as support going forward.

Trend

Skyworks Solutions shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. SWKS managed to break above the 50-day moving average at 99.19 today for the first time since March 26th.

Order Flow

Buying could speed up should prices move above the close-by swing high at 100.20 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 97.13 where further sell stops might get activated. Further buying could move prices higher should the market test April's close-by high at 100.98.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Skyworks Solutions
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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