Cypress Semiconductor Continues to Impress With Bullish Charts and Indicators

Cypress Semiconductor Corp. (CY) broke out to new highs for the move up last week. When we looked at the charts in late October, we noted that, "Because CY was not very extended on the upside like some other tech names and significant chart support is nearby, we should only see a mild and shallow correction for the stock." Chart support developed around $14.25 as our Point and Figure chart indicated and then the advance resumed. Are there more gains to come or is the rally extended now? Let's check the charts and technical indicators for whatever guidance they might provide this morning.

In this daily bar chart of CY, below, we can see a strong upward channel since August. Prices are above the rising 50-day moving average line and we can see tests of the rising 200-day line in early December and early February of this year. The daily On-Balance-Volume (OBV) line has been rising since April and tells us that buyers of CY have been more aggressive for months. This kind of volume confirmation is what chart watchers love to see on a stock. The trend-following Moving Average Convergence Divergence (MACD) oscillator gave a cover shorts buy signal and an outright buy signal in February....139 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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