Semtech Corp Breaches Above Double Top Level

Semtech Corp. (NASDAQ: SMTC) rallied close to 3.8% to $17.61 by mid-day trading on Thursday, after soaring even higher in the early hours of trading. With this, Semtech Corp. (SMTC) has breached above its earlier double top level of $17.35.

The producer of chips for mobile phones and PCs Semtech Corp. (SMTC) reported Q4 earnings excluding some items of 30 cents a share, beating the street estimates by 35%. Semtech will comfortably move into a bullish zone, once it breaches its immediate next higher resistance of $19.01.