The share price of specialty foundry Tower Semiconductor Ltd. (Nasdaq:TSEM; TASE: TSEM) rose 6.1% on Nasdaq on Wednesday to $6.30, giving a market cap of $293 million. The share rose 10.7% on the TASE yesterday, but is down 0.4% in morning trading on the TASE today to NIS 21.60, after Jim Cramer advised tracking the share in his “4 Under-$10 High Tech Stocks to Watch.”Cramer says, “From a technical perspective, Tower spiked higher here right above some near-term support at $5.44 and above its 200-day at $5.26 with strong upside volume. This move is quickly pushing shares of Tower within range of triggering a major breakout trade. That trade will hit if Tower manages to take out Tuesday’s high of $5.99 to some more key overhead resistance at $6.11 with high volume.
“Traders should now look for long-biased trades in TSEM as long as it’s trending above Thursday’s low of $5.58 or above its 200-day at $5.26 and then once it sustains a move or close above those breakout levels with volume that hits near or above 155, 068 shares. If that breakout triggers soon, then TSEM will set up to re-test or possibly take out its next major overhead resistance levels $7.53 to its 52-week high at $8.67.
Published by Globes [online], Israel business news – www.globes-online.com