AI
Wednesday, June 05, 2019 12:33:07 PM
Last night, leading semiconductor stock, Ambarella Inc (NASDAQ:AMBA), reported earnings that seemed to be celebrated by investors on Wall Street. Unfortunately, the stock has reversed its early pre-market gains. The stock is now flat on the session trading at $39.75 a share. Traders should note that this stock has been weak since May 22, 2019 when news broke that the company could be adversely affected by tariffs and possible blacklisting with one of its largest customers. At this time, this stock looks poised to ultimately trade much lower on the charts. I will be waiting a few days to see how this pattern plays out before buying put options on this stock. The next major support level for AMBA stock will be around the $31.00 level.
Nicholas Santiago
InTheMoneyStocks
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