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.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.