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Technical Analysis: Don’t Forget About Chip Stocks

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March 22, 2021

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The Nasdaq is trying to stabilize, which could draw buyers back to semiconductors.

Chip stocks like NXP Semiconductors (NXPI), Broadcom (AVGO) and Lam Research (LRCX) were some of the biggest gainers in the Nasdaq-100 last week. That helped push NDX ahead of the S&P 500 for the first time in five weeks. The relative strength also came amid two positive weeks for the Philadelphia Semiconductor Index.

For more, please click here to view the related idea and chart analysis on TradingView.

Philadelphia Semiconductor Index (SOX), daily chart, with key patterns, courtesy of TradingView.

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