Semtech (Nasdaq:SMTC) Message Board

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Technology Stocks : Semtech (Nasdaq:SMTC)

SMTC 80.19

+4.0%

Jan 21 3:59 PM EST

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To: Jeff Bond who wrote (601)	9/15/1998 9:22:00 PM
From: Kelvin Taylor	Read Replies (1) of 1225

Jeff- $18 is a strong resistance level for the stock. Looking back at daily prices since June 1, '98, only 19 out 73 (25%) have been $18 or higher. In fact the last time the stock closed above 18 for more than 3 days straight was in late June. The average price for this period ending on Friday was $15 5/8. With earnings still a couple months away I would expect the stock to trade in a range of the mid teens until we get much closer the November report. That's not to say the stock in not a good value now. The downside risk is quite limited(IMO)because strong buying support occurs when the stock has broke the $16 mark. The probability of the stock retreating back to below $14 is quite low(about 20%). Also remember the stock gained 24% during the month of August. Not bad...most of the major averages lost about that much! Kelvin

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