SWKS dominated by bulls lifting the market higher throughout the day
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.
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.
In spite of a weak opening the share managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
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.
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.
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.
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
|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|
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