Just a couple months ago in early May, ATML gapped higher on big volume and hasn't looked back since. Along the way, it cleared price resistance just below 9.00 on very heavy volume and subsequently surged to 10.50 before becoming violently overbought and in need of relief. Like most semiconductors, ATML has struggled over the past month. But while many of its peers are struggling to hold onto intermediate-term price support, ATML has simply fallen back to its recent breakout level. Given its superior relative strength within its group, strong volume trends and an RSI now near 40, ATML seems like one semiconductor poised to rally - especially if the industry group can continue its bounce from the last week. Check out the chart:
Happy trading!
Tom
