ARM Holdings (NASDAQ:ARMH) traded in a range yesterday that spanned from a low of $11.59 to a high of $11.97. Yesterday, the shares gained 3.26%, which took the trading range above the 3-day high of $11.91 on volume of 3 million shares.
Shares of ARM Holdings are currently trading above their 50-day moving average (MA) of $11.01 and above their 200-day MA of $8.95. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of ARM Holdings and our subscribers were alerted to Buy on June 03, 2010 at $11.63. The stock has risen 0.7% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $11.71 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Semiconductor- Specialized industry.