Applied Micro Has Stabilized
On Jan. 6, I suggested that Applied Micro Circuits (AMCC), which designs and manufactures chips used in data-networking equipment, was preparing to breakout out above resistance in the $7.00 area. It was a speculative short-term play and taking a quick profit or loss was the recommended strategy. Over the next few weeks, the stock rallied 20% before reversing and spending the next four months moving lower. The stock price has recently stabilized below another level of well-defined resistance, and could be preparing for another breakout move.
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