I spotted an interesting chart pattern in CNXT Conexant Systems. It has somewhat of a scalloping pattern or saucer formation for a period of about 3 and a half months. Two days ago CNXT did a retest of the mid April swing high but came FAR short of adequate volume on that swing test. Today and yesterday it has consolidated.
I would say that as long as it can hold 1.47 and keep its composure, I believe it could be setting up for another attack of that blue resistance line and a breakout type move.
It may drift sideways for a week since the most recent test was dramatically weaker in terms of volume. But I still think it wants to take another chance at an upside breakout. CNXT can move very fast so I would not be surprised to see the move come out of nowhere.
If CNXT does not hold 1.47, then it invalidates this forecast and puts the analysis into doubt.
By the way, I am noticing setups ALL OVER THE PLACE. Certainly a lot of it has to do with the broad market powering higher and not willing to give up much ground. That is just the perfect type of environment for ripe breakouts and positive consolidation patterns.