"This one is OK, but I'd rather own Skyworks Solutions Inc. (SWKS) ," said Jim Cramer. Let's take a look at the charts of SWKS to refine our timing.
In this daily bar chart of SWKS, below, we can see prices chopping around the 50-day and 200-day moving average lines.
A close below $75 could refresh the decline this month and send prices lower. The On-Balance-Volume (OBV) line shows only modest strength from early June and the Moving Average Convergence Divergence (MACD) oscillator is crossing the zero-line for an outright sell-signal.
In this weekly bar chart of SWKS, below, we can see that prices are testing the declining 40-week moving average line. The weekly OBV line turned down in July and the MACD oscillator is stuck at the underside of the zero-line.
In this Point and Figure chart of SWKS, below, we can see a potential downside price target of $62 being indicated. A trade at $74.46 will probably weaken this chart.
Bottom line strategy: With the weakness in the major averages, I would wait for a better buying opportunity on SWKS.