Applied Optoelectronics is Setting Up for a Big Move
Applied Optoelectronics, Inc. (NASDAQ:) is trading within a range and at some point will break it’s resistance or support level.Applied Optoelectronics, Inc. (AAOI) engages in the design and manufacture of optical communications products. Its products include optical devices, such as laser diodes, photodiodes, related modules and circuitry, and equipment for applications in fiber-to-the-home, cable television, point to point communications and wireless.
Take a look at the 1-year chart of AAOI below with added notations:
AAOI has fallen into a large trading range over the past few months. While in the range, the stock has formed a resistance area at $9 (red), and a level of support at $7 (green). AAOI is headed back towards the middle of the range, but at some point, the stock will have to either break the resistance or the support.
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