Short term view - SOITEC : Resistance reinstated
The trend has been momentarily interrupted by a correction. It approaches the support at €61.40, which also is the invalidation level. It should cause a bounce and resume the bullish trend. The next target is at €82.50. The invalidation level is below €61.40.Arguments :
- The resistance has been shortly breached, but it is now reinstated. Prices can fall.
- The MACD is rising.
- The volume is exceptional.
- Prices are breaking above the moving average, it is a sign of strength.
- Prices will test the quality of bullish gap. As long as it remains open, consequences will be bullish.
Soitec is a manufacturer of silicon and integrated circuits. Co. offers products based on Silicon-on-Insulator (SOI), which serves to support the manufacturing of more energy-efficient integrated circuits. Co.'s operations can be divided into three divisions: Electronics, Solar Energy and Lighting. The Electronics division manufactures and sells substrates and components intended for the microelectronics industry; the Solar Energy division manufactures and sells photovoltaic modules, designs and constructs turnkey projects, and operates photovoltaic power plants; and the Lighting division isolates resources to develop materials designed for the production of light emitting diodes.
DayByDay is an independent research company providing global macro and single stock analysis, recommendation and allocation based purely on behavioural finance methods. Those include long term cycle analysis, sentiment analysis, and technical trigger. DayByDay serves all clients in need of practical and precise publications to make effective market decisions, on any time horizon, from a few hours to a few years.
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