Semis stock Ambarella is in the middle of a multiyear breakout. Chart points to next buy level (via TradingNation)
The stock has risen more than 100% in 2021, extending a rally into October with a nearly 20% rise. The"They're a multifaceted chip stock, they have exposure to autonomous driving, driver assist as well as it's a battery play.
"Maybe try to buy it on a pullback here back into support," Gordon said. "It should not break back below $133 or else the premise for this is, I would say, invalid but anything back to $160 to $150 should work on a pullback.""That breakout from this multiyear top is real so we should see more upside here," Gordon said.Gordon laid out further reasons to be bullish on Ambarella in a segment for "Trading Nation.
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