Indie Semiconductors Bounces Off Support And Sees A Rally

Indie Semiconductors Inc. INDI shares traded higher Thursday, possibly continuing in momentum after a Keybanc analyst initiated coverage on the stock with an Overweight rating and a price target of $18.

Indie Semiconductors closed up 8.1% at $12.27.

Indie Semiconductors Daily Chart Analysis

• Shares look to have bounced off of support and began heading higher in what technical traders call an upwards trending channel.
• Connecting the highs and the lows form two parallel lines both with an upwards slope where the stock has found support and resistance. These levels may continue to hold in the future until one of them is broken and a new pattern forms.
• The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock has been bullish.
• Each of these moving averages may hold as a possible area of support in the future.
• The Relative Strength Index (RSI) has been pushing higher the past few days and now sits at 63. This shows a jump in the amount of buying pressure the stock has experienced in the past few days.

See Also: Why Jim Cramer Likes Celanese, Prefers ON Semiconductor Over This Stock

What’s Next For Indie Semiconductors?

Bullish traders want to see the stock continue to trade within the channel and move higher. Bulls look to be in full control of the stock and are taking it higher.

Bearish traders would like to see the stock slow down and fall below the channel support. A break below channel support could mean the stock flat lines for a while or start a downtrend. Bears would like to see this happen and then for the price to cross below the moving averages.