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.
The stock is still comfortably removed from its April lows, however, and sports a 13.7% year-to-date lead.
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 quote available in the text.
Author's summary: Arm Holdings stock may bounce back due to a historically bullish signal.
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