In general, the Semis are on fire today. A top performer in the sector is Maxim Integrated Products. Shares are up over 3.8% and are trading at new 2019 highs. This powerful move is driving the stock past a very solid resistance zone just above $56.00. Since the late 2018 the $56.00 to $57.00 area, which includes a declining 200 day moving average, has capped seven weekly highs as well as the November, December, January and February peaks. Once this massive zone is cleared MXIM has plenty of room to run.
Highlights: The daily MACD has been trending in neutral territory for the three weeks. It will travel far before re entering overbought.
MXIM is beginning to put some distance on its 200D MAV. The stock will post its highest close above the 200D since late September.
We consider MXIM a low risk buy near current levels. Solid support runs down to the March high($55.65). On the downside, a close back below $55.00 would indicate the 200D is still in control of the action.
MXIM is a new long as of today.