Betting chip stocks will revisit bull market highs is the trade of the fourth quarter, says Evercore ISI

  • 📰 CNBC
  • ⏱ Reading Time:
  • 23 sec. here
  • 11 min. at publisher
  • 📊 Quality Score:
  • News: 43%
  • Publisher: 72%

Vaneck Semiconductor ETF News

NVIDIA Corp,Micron Technology Inc,Taiwan Semiconductor Manufacturing Co Ltd

Rich Ross, head of technical analysis at the firm, expects there's 20% more upside to semiconductor names into year end.

This year could very well end the way it started. Chip stocks could return to their bull market highs and beyond, and be the key trade of the fourth quarter, according to Evercore ISI. In fact, Rich Ross, head of technical analysis at the firm, expects there's 20% more upside to semiconductor stocks as represented by the VanEck Semiconductor ETF into year end.

mountain iShares Semiconductor ETF But the technical set-up is encouraging from here, Ross said. Now that semiconductor stocks have double bottomed above key support levels — a technical pattern that suggests new upside potential — the sector is clear to outperform, he said. "No sector offers upside than Semis, which are still -20% from their all-time high, and have double bottomed atop key support ," Ross wrote on Tuesday.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Buy this chip stock into the upcoming earnings report: EvercoreBuy this chip stock into the upcoming earnings report: Evercore
Source: Investingcom - 🏆 450. / 53 Read more »