In his Real Money column "I'm Watching China, Europe Right Now", Jim Cramer noted that one of the biggest winners could be the semiconductors as the world economies restart. Qorvo Inc. (QRVO) is among Cramer's favorites.
Let's check out the charts of QRVO.
In the daily bar chart of QRVO, below, we can see that prices "topped out" in December/January and declined with the broader market into the middle of March. Prices bounced in late March and made a shallow and brief pullback in early April. QRVO has since rallied strongly into June. Prices are above the rising 50-day moving average line and the bullish 200-day line.
The On-Balance-Volume (OBV) line bottomed out in March/April and has been on the rise, telling us that aggressive buying has returned. The Moving Average Convergence Divergence (MACD) oscillator turned bullish by the end of April and it continues to point higher.
In this weekly Point and Figure chart of QRVO, below, we can see a potential longer-term price target in the $163 area.