To The Moon

Hi everyone. Today I’ll be covering a company that is majority owned by Intel:

Mobileye Global Inc. (NASDAQ: MBLY)

MBLY had its IPO in 2022, making this stock just 3 years old. It is currently trading in a descending channel consolidation setup that has undercut its IPO lows.

On the 4h chart (including overnight trading), notice how MBLY has finally formed a bullish divergence. It has also filled the 27.64-27.71 gap that it left behind several sessions ago. Moreover, the move back into this gap has been on declining volume suggesting that sellers have been running out of strength.

So, what’s next for MBLY?

In the near term, I am expecting MBLY to retrace back into the 33.04 strong resistance that it attempted to breach several times since Mar’24. In the longer term, I am expecting a move back towards the top of the descending channel, with 39.34 a realistic target by the time Aug-Sept rolls around.

A breakout above the descending channel should see a move back towards ATHs of 48.11.

If MBLY fails at the current level, then it should retest the 78.6% retracement of the Jun’24 move from 25.05 to 33.25, which sits at 26.80. A move lower will see a retest of 25.05, where there is a decent amount of support.

In light of the promising technical setup, I am initiating coverage on MBLY with a BUY sentiment.

Sentiment: BUY (New)

Summary (with Price Targets - NFA):

• Descending channel consolidation pattern with a short-term measured move towards strong resistance at 33.04 with a longer-term measured move to the top of the descending channel

• A breakdown below current levels will see a retest of 26.80, and if that is broken, a retest of 25.05 where there is fairly strong support

All right, that’s all for this newsletter. Till next time!

$Mobileye Global Inc.(MBLY)$ $Intel(INTC)$ $Lam Research(LRCX)$ $Broadcom(AVGO)$ $NVIDIA Corp(NVDA)$

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