Qorvo (QRVO) did not impress me much in our last review, and I said, "I was not impressed with the technical condition of the charts last month and they have not improved much. Prices did not decline but they have not rallied convincingly."
So here we are again a few weeks later. Let's review the latest charts for any improvement or deterioration.
In this updated daily bar chart of QRVO, below, we have a mixed picture. Prices declined in late September and held the rising 200-day moving average line. The line was retested at a higher low in late October. We have made higher lows and recently prices made a higher high. We are in an uptrend but the On-Balance-Volume (OBV) line has weakened, telling us that sellers of QRVO have been more aggressive. The OBV line has actually been declining since June. The MACD oscillator is slightly above the zero line.
In this weekly chart of QRVO, below, we can see prices are above the rising 40-week moving average line. The weekly OBV line has been neutral for six months and the MACD oscillator could turn up or down depending on the price action in the weeks ahead.
In this Point and Figure chart of QRVO, below, we can see a large consolidation pattern and a bullish price target of $82.50.
Bottom line: The indicators on QRVO continue to give us mixed signals. A close below $68 will tilt the charts to the downside. A rally above $77 will rally the bulls.