Rambus (RMBS) appears to be attached to Texas Instruments (TXN) today. I'm thinking if Texas goes positive, dragged up by upgrades and other tech stocks, then Rambus will too. Rambus itself got positive news from the EU yesterday but hasn't reached it's early week high. Anyway, I've bought low today to see if it'll go past 22.00. Thoughts?
I was overoptimistic about it's performance this week but as much as it's gained in the last three months I still feel it can go higher. The Semiconductor sector appears to to me to be under-performing in part hurt by the Texas Instruments announcement last week, over time I expect to see it rally but it may take more sales figures in the new year or some tech announcements like Apple's tablet to spur some action.
RMBS was in a small trading range this week. This could either lead to a continuation of the up-trend next week, or to a test of its MAs (down to around 20.00 or 18.00), or even more sideways action between 20.40 and 22.10. But since it broke out of its prior trading range from June I opt for a continuation of the uptrend, finishing its third last leg to maybe 24.00 or higher. There have to be Closes over 22.12 and 22.49 for confirmation of a bull. Worst thing could be a false breakout followed by huge legs down through 14.33
Passed 22.50 today after the acquisition of Global Lighting Technology yesterday evening. Volumes far larger today too. I've sold, congrats to those who bought below 22.00