Updated: Oct 4, 2022
Good evening, Traderade family! Semis have been beaten down, but I have my eye on one that has been resilient recently in the face of unforgiving headwinds for the industry and broader market.
Rambus shares have risen above a key area of supply and the 8-day exponential moving average. I believe the company may have room to move higher from here.
Rambus stock is outperforming the semiconductor SMH ETF handily, showing relative strength vs its sector that further encourages me.
I would enter on consolidation or weakness above $26.5. My price target would be $31 and I would also exit with a close below the 8-day exponential moving average, which may signal a short-term trend change that isn't favorable.