Hey, Ross here:
Here’s another actionable trading idea for you.
Chart of the Day
Allegro MicroSystems (ALGM) is the #1 semiconductor stock in the market. It ranks first among all 31 of its peers in both earnings and relative strength.
The stock put in a shallow base from mid-February to this week with three progressively shallower pullbacks.
It also made a textbook shakeout move on March 13 to run stops and consolidate shares further. Notice how that candle made a new low then rallied back to close the day in the upper half of the candle.
That is a textbook shakeout and usually a bullish sign.
This is a market-leading stock that has shown incredible resilience even in shaky market conditions. If the market is to rally here, ALGM should lead the way.
I have a position in ALGM with a stop loss near $43.50.
P.S. Want me to send you special trade prospects and potential market moves directly to your phone? Text the word ross to 74121.
Insight of the Day
The banking crisis could actually turn out to be a net positive by killing inflation without the need for higher interest rates.
Markets seem to have no clear direction. Depending on what major news comes down the pipeline, it might rally or it might fall.
But over the longer-term period, it seems to have stayed mostly flat. We’re still lacking a clear and sustained direction.
In such situations, I believe the best move is to cautiously play short-term rallies in individual stocks.
Ride the rallies – but always be ready to get out when it starts fizzling out.
This “stealth breakout” strategy is perfect for doing that – so make sure you check out the details while you still can.
And here’s more good news – for a limited time only, you can get your hands on it for just $5.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
