The semiconductor space, more specifically the memory chips space has been on a tear in the very early going in 2018. I follow six companies in particular listed below:
Two names from this short list, $TNTR and $NLST are up 32% and 13% respectively already in 2018. We can’t touch those here as they are already gone. Two others present great opportunity and I think are actionable here and now.
1. Micron $MU
Micron has come to the middle of its recent consolidation range in what I think will be a continuation of the original uptrend. The closer to the bottom edge of the pattern you can pick this up the better, but I think it will prove to work its way back up toward $50 soon.
2. Rambus $RMBS
Since breaking out of its extended rectangle consolidation, semi conductor play $RMBS has come back to retest the breakout area, forming a falling wedge pattern into good volume profile support. I like it as a long here to retest its most recent highs and break though to above $16. I’ll be looking to take a long here on any pullback.
Happy Martin Luther King Jr. Day.
OC