Let’s look at the one of the best growth stock STMicroelectronics N.V. (STM) technical chart analysis using it’s weekly stock chart, as it’s trading close to its buying price, May 4th, 2017.
#2 – The stock was under a long consolidation for most part of last year.
#3 & #4 – The stock had solid runs after that, followed by nice consolidations.
#5 & #6 – The volume was running nicely around average during the initial run up, and later is spiked, but yet to stabilize.
#7 – The stock found support at the 50 day moving average line.
#8 – The was stock under consolidation, recently.
#9 – The stock cleared the recent consolidation and offering a new buying opportunity.
The ideal buy point would be $16.11 – $16.96.