RFMD firmed to a positive range of 4.13 to 4.20, holding this area through the bulk of its first-half and early second-half of evening trade. More aggressive buy support touched the issue deeper into the second-half, driving RFMD up to a plus-side range of 4.24 to its session high of 4.33.
A pre-market open Wednesday looks to have potential in the high 4.20s, or near 4.30.
Over the long-term, RFMD is favoring a widening trend, with more aggressive next-day trade in 12 of the last 19 quarters. In the near term, it has shown wider moves in the last five consecutive quarters.
The strong near- and long-term widening patterns in place, combined with tonight's conistent upside support, would have us looking at potential long plays on RFMD on Wednesday. Early longs may want to target possible entry points at the 4.20 to 4.24 range, levels where buy liquidity was aggressive tonight and where a potential floor support could form.
More info in this video clip
http://www.youtube.com/watch?v=vW2OS354dlc
Midnight Trader
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