Semiconductor Stock Could Stage a Short-Term Breakout
Arm Holdings (ARM) stock has pulled back to its 200-day moving average, a historically bullish signal.
Semiconductor stock Arm Holdings PLC (NASDAQ:ARM) has seen choppy price action since its late-July bear gap, most recently pulling back to $140.
According to Schaeffer's Senior Quantitative Analyst Rocky White, ARM is within 0.75 of the 200-day moving average's 20-day average true range (ATR), after spending at least 80% of the last 10 days and 80% of the last two months above it.
- This has happened four other times over the past three years.
- After which the equity was higher one month later three of those times, with an average 9.8% gain.
A move of similar magnitude from the security's current perch at $140.42 would have ARM reclaiming its year-over-year breakeven level.
No direct quotes available in the text.
Author's summary: ARM stock may bounce back due to a historically bullish signal.
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