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At least pulling back to the 60-line level is the ultimate goal for a tech-stock correction
1、The earlier rally was too big, without very sufficient consolidation;
2、The recent pullback has not been sufficient—most of it is only a retest of the 20-30 line, with a relatively small downside;
3、During the decline, there was a rebound—there are multiple moving-average lines overhead that suppress price, with many trapped positions and heavy selling pressure, making it hard to sustain.
Many good tech stocks need to at least pull back to the 60 line before that is considered the ultimate goal of a proper adjustment. But after pulling back to the 60 line, whether it can stop falling and rebound still depends on the overall chart pattern of each stock. It’s not that pulling back to the 60 line necessarily leads to a big rebound.
For example, in the PCB sector, these three stocks may only stop falling when they pull back to the 60 line: Honghe Technology, Dingtai High-Tech, Tongguan Copper Foil.
MLCC “three swordsmen”: Fenghua High-Tech, GoerTek? Materials, and Three Six Group are the same—most likely they also need to pull back to the 60 line. These three, although strong in the early Friday session, once the rebound hits a key moving average they drop again, clearly indicating they’re aiming to pull back to the next lower moving-average level.
Already at the 60 line:
Pengding Holdings: From last Monday through Thursday, it retested the 60 line, stepping on it for 4 days in a row very solidly, so it can still close green on Friday.
Stocks relatively close to the 60 line:
Dongshan Precision: The left side just happens to rebound off the retest of the 60 line; when it goes back down and retests the 60 line again, it also has hope to stop falling. Or if it pulls back to below the left-side platform’s lower edge.
Guanxun Technology: The 60 line and the left-side platform are at the same level; a retest there is likely to stop falling. Because the big platform on the left should provide solid support.
Lance? Technology: Falling to around the 60 line is actually more suitable for dx “lurking” positions. The lower edge of the left-side platform also has a gap-support.
Jingji Xuchuang: After previously going through 4 major waves of上涨, the current adjustment is insufficient. On Monday it may break below the 60 line; the 60 line likely can’t hold as support.
HuaGong Technology:
Cambridge Technology:
Breaking below the 60 line:
Changfei Optoelectronics: It has already broken below the 60 line; the lower edge of the left-side platform may still offer support. It is currently 10-20% away from the current price.
Gloucester? Technology: It currently also hasn’t stopped falling and still needs to search for support further down.
Shijia Photonics: The left side broke sharply below the 60 line; the 60 line instead becomes a resistance level. On Friday it rebounded right to the 60 line and then ran into resistance and dropped back.
Hengtong Optoelectronics: It has broken below the 60 line and hasn’t stopped falling yet.
Pulling back to the annual moving average after ex-rights/dividends:
Microne? Company: After ex-rights, it pulled back again and just met support at the annual moving average, forming a W bottom that triggered a big rally. Now it’s also showing an M-top pattern.
Anji Technology: On the day of ex-rights, it met support at the annual moving average, then surged to set a new high.
Tianfu Communication: Among the Easy-to-win? Tianfu “three swordsmen,” over the past two days it has been stronger than the other two—mainly because on Monday it just retested the annual moving average and got supported. But on Friday it met a pullback at the 20 line, and it will step back onto the annual moving average again, forming a W-bottom setup.
Breaking below the annual moving average:
Shenghong Technology: Last year’s rally was too big; this year the growth rate in the first-quarter report has slowed down. It has already broken below the annual moving average, so it’s not being considered.