Credit: Shutterstock photoIn a welcome move, Silicon Motion Technology ( SIMO ) saw its Relative Strength Rating improve from 70 to 75 on Wednesday.
[ibd-display-video id=449433 width=50 float=left autostart=true] This unique rating identifies technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the trailing 52 weeks matched up against all other stocks.
Over 100 years of market history shows that the best-performing stocks typically have an RS Rating of over 80 as they launch their biggest climbs. See if Silicon Motion Technology can continue to show renewed price strength and hit that benchmark.
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Silicon Motion Technology is building a cup with handle with a 55.78 buy point . See if the stock can break out in volume at least 40% higher than normal.
The company reported negative growth for both sales and earnings last quarter. Silicon Motion Technology is expected to report its next quarterly numbers on or around Oct. 27.
Silicon Motion Technology earns the No. 16 rank among its peers in the Electronics-Semiconductor Fabless industry group. Monolithic Power Systems ( MPWR ), Nvidia ( NVDA ) and Broadcom ( AVGO ) are among the top 5 highly rated stocks within the group.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
