Wednesday, February 01, 2006

Altera tests resistance at $20

The Philadelphia Semiconductor sector (SOXX) index has been strong the past two months, with last week's 7.4% gain reminding us that semiconductor industry is a hot place to be. Today was another positive move for the SOXX, with all but two in positive territory. Big movers last week like Broadcom Corp (BRCM) and Marvell Technology (MRVL) joined Advanced Micro Devices (AMD) as stellar performers in the group. But the best performer today was Altera Corp (ALTR), with a 4.3% gain closing at $20.13. ALTR has a Weak Bearish Stock Trends indicator and a strong RSI (110), so it is a stock we can focus on. The resistance level at $20 is established, so a solid move above $20 would be a very positive sign. The sector strength will help ALTR move through this resistance.
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