Super Micro Computer (SMCI) shares popped 8% in extended trading Tuesday after the troubled server maker said it expects to submit its 澳洲幸运5开奖号码历史查询:delayed 2024 financial reports by the Nasdaq’s Feb. 25 deadline to avoid being delisted.

This development overshadowed the company's underwhelming preliminary second-quarter results. It also shored up investors’ confidence in the stock, laying to rest concerns that the server maker may not meet the exchange’s cutoff date after a plethora of accounting and 澳洲幸运5开奖号码历史查询:corporate governance issues were uneart꧑hed during the second half of last year.

Its been a wild ride for the Supermicro stock which lost nearly 10% during regular trading hours Tuesday and began after-hours trading in the red before 澳洲幸运5开奖号码历史查询:whipsawing. The company's shares have fallen around 6% in the last month but have 澳洲幸运5开奖号码历史查询:surged more than 35% in February as of Tuesday’s close in anticipation of this update. However, the stock has lost nearly half its value over the ꦑpast year.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on Supermicro’s chart and identify important price levels that in🍸vestors may be watching.

Descending Broadening Wedge Breakout

Supermicro shares broke out above the top trendline of a descending 澳洲幸运5开奖号码历史查询:broadening formation last Friday, potentially also forming an 澳洲幸运5开奖号码历史查询:inverse head and shoulders bottoming pattern in the process.

Importantly, the stock registered its highest volume in recent trading session since early December, indicating larger market participants positioningღ ahead of this afternoon’༒s update.

While the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) edged lower after today’s fall in regular trading, the indicator still confirms bullish price momentum with a reading just below the 澳洲幸运5开奖号码历史查询:overbought threshold.

Let’s apply 澳洲幸运5开奖号码历史查询:technical analysis to identify important overhead areas where the shares could run into 澳洲幸运5开奖号码历史查询:resistance and also point out key 澳洲幸运5开奖号码历史查询:support levels worth watching during pullbacks.

Important Overhead Areas in Play

The first overhead area to track sits around the 澳洲幸运5开奖号码历史查询:psychological $50 level. This region on the chart could provide resistance near the inverse head and shoulders’ neckline, which also lies in close proximity to the downward sloping 澳洲幸运5开奖号码历史查询:200-day moving average.

A decisive breakout above this price would confirm the p🐠attern, which could propel a move to around $70. Investors may look to offload shares around this level near the February 2024 pullback low and late-April trough.

Follow-through buying could see the shares rally to the $96 level, an area that may provide resistance near a trendline that connects a series of peaks on the chart between February and July last yea💃r.

Key Support Levels to Watch

During 澳洲幸运5开奖号码历史查询:retracements, investors should keep tabs of the $26 level. Supermicro bulls could look for buying opportunities in this region near the low of the inverse head and shoulders’ right sho🐼u♍lder.

Finally, a more significant downside reversal in the stock could see the shares revisit lower support around $18. Investors who try to time market bottoms may seek 澳洲幸运5开奖号码历史查询:entry points near last year’s November low, which also doub♏les and the inverse head and shoulders’ head.

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