[41] AAOI, SNPS, UAL
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First for the week! Let’s review a few names:
Applied Optoelectronics, Inc. (NASDAQ: AAOI)
AAOI is currently trading in the green ascending channel. In recent weeks, it's been rejecting at channel resistance and unable to turn its 2017 prior ATH at 103.41 into support.
This week, AAOI looks primed to close below the weekly support level at 86.05.
If AAOI is unable to reclaim the 86.05 level, then it can see downside continuation into the 71.09 Fib level, and as far as channel support over a longer timeframe.
If AAOI reclaims the 86.05 level, then it may attempt to retest its 2017 prior ATH once more.
Either ways, with RSI coming out of extreme overbought conditions on higher timeframes, it pays to be a little cautious.
Synopsys, Inc. (NASDAQ: SNPS)
SNPS has been unable to break above its 1.618 Fib at 586.69 for the past 2 over years. Following yesterday’s trading session, it broke below its blue support trendline. However, it continues to hold its 2021 prior high of 377.60.
If SNPS breaks below 377.60, then it likely pushes into the next Fib level at 305.30 next, and as far as the dark green support trendline.
However, if SNPS holds 377.60 and reclaims the yearly level at 391.17, then it may attempt to retest the blue trendline, and possibly the red resistance trendline.
If SNPS breaks above the yearly level at 457.75, then it can possibly fill the monthly imbalance at 496-593.
United Airlines Holdings, Inc. (NASDAQ: UAL)
UAL has been unable to break above its 1.618 Fib level at 107.92 for the past year or so. This week, it looks poised to close below its blue support trendline and its 2020 prior high at 90.57. However, it's still holding the 85.80 quarterly support.
If UAL breaks below 85.80, then it likely sees downside continuation back into the dark green support trendline with time.
If UAL reclaims the 90.57 level and the blue support trendline, then it can push back into the 94.57-94.81 monthly level and more of the overhead imbalances.
If UAL manages to reclaim 107.92 and turn it into support, then it can see price expansion into the next Fib level at 172.89.
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$Applied Optoelectronics(AAOI)$ $Synopsys(SNPS)$ $United Airlines(UAL)$ $Lumentum(LITE)$ $SanDisk Corp.(SNDK)$
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