Globalfoundries Inc. - (GFS) - February 15, 2023
GlobalFoundries (GFS), a provider of contract design and manufacturing services to the semiconductor industry, has been active in the SIA NASDAQ 100 Index Report lately. Since joining the index in December, GFS has done a round trip from the Green Favored Zone to the red zone and back again. Following a 8.4% gain in the stock price yesterday, GlobalFoundries has climbed to 8th place, up 17 spots yesterday and up 57 positions in the last month.
Continuing a recovery trend which started back in June, GlobalFoundries (GFS) staged another major breakout yesterday. Blasting through $70.00 on a jump in volume signals that investor interest has increased and a new upleg has commenced.
Initial upside resistance may appear in the $80.00 to $82.50 zone where a measured move and the March 2022 peak converge, followed by a measured $90.00. Initial support appears near $66.00, where the shares recently rose up from.
A December selloff in GlobalFoundries (GFS) shares was successfully contained last month by a 45-degree support line, keeping its underlying uptrend intact. Since then, GFS has been under renewed accumulation, recovering lost ground and rallying from near $50.00 to above $70.00, currently trading at its highest level since last March. Along the way, GFS has completed bullish Double Top and Spread Double Top breakouts.
Previous peaks suggest initial resistance may emerge in the $77.65 to $79.20 area, followed on trend by $87.45 based on a vertical count and $92.80 based on a horizontal count. Initial support appears near $64.95 based on a 3-box reversal.
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