It looks like Semiconductors will be in play tomorrow following after a positive reaction to an Intel Corporation (Nasdaq:INTC) earnings report on Tuesday evening. INTC was trading over $18 in the after hours session which will take it over a recent base it was building. The group has actually one of the best performing sectors recently, and there are a lot of lesser known semi's that have interesting charts. Here are a few that look like possible long plays going into tomorrow.
Zoran Corporation (Public, NASDAQ:ZRAN) has a great looking chart. It has been trading very cleanly lately, honoring prior resistance as support. It's also been honoring the 50-day moving average as support and it looks like it wants to test the upper range of the current channel.
Mellanox Technologies, Ltd. (Public, NASDAQ:MLNX) is another semiconductor stock that may be testing its recent trading range. MLNX has been consolidating very tightly over the past few weeks after a strong run up. It has been pretty much unaffected by the recent weakness in the markets, and it will be interesting to see if it can get going from here.
Entropic Communications, Inc. (Public, NASDAQ:ENTR) is another semi with a great looking chart. While this is a low volume stock, it is not horrendously so. The average volume is near 400,000 shares daily. ENTR is trading in a tight ascending triangle, and a breakout could come as soon as tomorrow, particularly if the semis follow through INTC's report.
Good Trading,
Joey
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