Yesterday, we looked at a Daily Price Chart of DaVita Inc. noting the stock’s 50-Day EMA is trading above the 100-Day EMA.
Today’s Chart is for ACM Research, Inc.(NASDAQ: ACMR).
ACM Research, Inc., together with its subsidiaries, develops, manufactures, and sells single-wafer wet cleaning equipment for enhancing the manufacturing process and yield for integrated chips worldwide. It offers space alternated phase of mega-sonic waves to deliver mega-sonic energy to flat and patterned wafer surfaces in a uniform manner on a microscopic level; timely energized bubble oscillation cleaning equipment for two-dimensional and three-dimensional patterned wafers at advanced process nodes.
The Daily Price Chart below shows that ACMR has traded in a clear bullish pattern of higher highs and higher lows since mid-March.
Track the Price Chart from lower left to the upper right…
This bullish trading pattern points to a further advance.
You see, typically stocks that make a series of two or more higher highs and higher lows reliably continue on in an upward trend.
But it’s important to note that strong stock rallies have pullbacks along the way.
These pullbacks present a buying opportunity for us.
Purchasing ACMR after a 3-5% price pullback has provided a good entry point for the stock during this run and has produced a healthy return.
We’ll keep watching ACMR as it tops its previous highs and waiting for price pullbacks.
Editor, Chart Of The Day