Bullish Trendline Could Boost Skyworks Solutions Stock

The stock's recent pullback presents a buying opportunity

Deputy Editor
Apr 4, 2023 at 11:34 AM
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Skyworks Solutions Inc (NASDAQ:SWKS) is down 1.5% to trade at $115.65 at last check. This pullback placed the equity near a historically bullish trendline, though, which presents traders with an interesting entry point. 

Specfically, SWKS stock just came within one standard deviation of its 40-day moving average. One month after the last four pullbacks to this trendline the stock was higher, and averaged a solid 8% gain, according to Schaeffer's Senior Quantitative Analyst Rocky White.

A similar move from its current perch would put Skyworks stock above $124, and past a short-term ceiling at the $118 level. It would also help the security put a dent in its 14.2% year-over-year deficit, and add to its 26.4% year-to-date lead.

SWKS Chart April 042023

An unwinding of analysts' pessimism could also be a boon for Skyworks Solutions stock. While 11 covering brokerages rate SWKS a "buy" or better, 10 still recommend a "hold" or worse.

Speculating with options could be the right way to go. The security's Schaeffer's Volatility Index (SVI) of 29% ranks in the lowest percentile of annual readings, and implies options traders are pricing in low volatility expectations at the moment.

 

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