Let's check out the charts of QRVO.
We last reviewed QRVO on June 3 and we said that, "Traders looking to go long QRVO should be patient and try going long closer to $110 while risking a close below $105. Our targets are $120 and then the $150-$160 area."
Prices reached and passed our $120 price target but stopped short of the $150-$160 area.
In the updated daily bar chart of QRVO, below, we can see that the shares stalled around the $135 area for much of August. Prices sold off sharply breaking below the rising 50-day moving average before rebounding with a gap to the upside. The decline has so far stopped short of the rising 200-day moving average line.
The On-Balance-Volume (OBV) line moved up from April to late July telling us that buyers of QRVO were more aggressive but the line then turned to the downside as aggressive selling became more dominant. The Moving Average Convergence Divergence (MACD) oscillator has weakened and is just above the zero line. It could go to a sell signal or reverse to the upside depending on how prices move from here.