QRVO is surging this morning. Shares are up over 3% putting it in the top 10 list of $SPX gainers. This powerful move has pushed the stock to new March highs as major support near this year’s lows continues to provide solid footing.
Despite remaining near the 2021 highs, after a 186% gain off the March 2020 lows, QRVO is far from overbought(daily MACD). If today’s breakout type move can gain traction the stock could make quite a run.
We consider QRVO a fairly low risk buy at current levels. On the downside, a close back below $171.00 would indicate the current consolidation will continue.