SanDisk is the newest addition to our Tech & Innovation sector.
This stock has demonstrated a remarkable run-up and stands as one of the most prominent and successful semiconductor stocks in the market. However, we expect this stock to have found a local top and anticipate a short-term corrective phase to pause the uptrend before the long-term trajectory continues.
SanDisk has set its local top at its all-time high of $2,354.39, marking green wave 1. From there, the stock has initiated the first legs of a correction, which is expected to form green wave 2.
We expect this correction to unfold within a standard three-wave structure, developing as orange waves A, B, and C.
We have defined a Fibonacci retracement zone where we expect the market to conclude this correction and resume with fresh bullish momentum within the long-term uptrend.
Long Entry Levels:
- 61.8% at $916.61
- 78.6% at $525.76
- 88.7% at $290.78
Stop Loss: 1% below the zone at $287.84
This retracement zone opens new opportunities to enter this market by buying or accumulating this stock at very attractive and discounted prices.
Should anything happen with this stock, we will update you immediately.
Kind regards,
Monalytics
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