Super Micro Computer (SMCI) shares continued sliding in extended trading after leading Nasdaq decliners on Wednesday following news that the embattled server maker would delay the filing of its fiscal first-quar🐼ter financial report.

The latest update comes after the company said in October that it could not predict when it would file its 2004 annual report, a requirement it must meet to comply with Nasdaq 澳洲幸运5官方开奖结果体彩网:listing rules. The company’s reporting delays stem from the resignation of its auditor Ernst Young last month, which earlier flagged issues with the server maker’s 澳洲幸运5官方开奖结果体彩网:corporate governance and internal controls.

Super Micro shares have lost more than half their value since late October thro🅺ugh Wednesday’s close and trade down around 28% since the start of the year. The stock fell 6% during the regular session Wednesday and tumbled another 6% to around $19 in after-hours trading.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on Super Micro’s chart and identify important price levels to watไch out for.

Broadening Wedge Breakdown Continues

Super Micro shares traded within an eight-month descending 澳洲幸运5官方开奖结果体彩网:broadening formation before decisively breaking down below the pattern’s lower trendline on above-average volume late last month.

More recently, the stock’s sell-off has continued, with the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) moving below the 30 threshold to confirm bearish price momentum. However, the indicator’s oversold reading also increases the likeli🥀hoo♏d of a bargain-hunting bounce.

Let’s point out important 澳洲幸运5官方开奖结果体彩网:support and resistance levels on 𒁃Super Micro’s cha💮rt that investors may be monitoring.

Important Support Levels to Watch

Amid further falls, investors should monitor how the shares respond to the $17 level, a location on the chart where the price could find support near a series of comparable trading levels prior to the late May 2023 澳洲幸运5官方开奖结果体彩网:breakaway gap.

The bull’s failure to defend this this level could see the shares tumble to lower support around $12. Investors may seek 澳洲幸运5官方开奖结果体彩网:buy-and-hold entry points in the area near three peaks thꦏat formed on the chart 🅠between March and April last year.

Key Resistance Levels to Monitor

During an oversold bounce, it’s worth keeping track of the $23 level, a region where the stoꦫck may encounter selling pressure near a trendline connecting multiple troughs that surfaced on the chart between June and October last year.

Finally, a more bullish upside reversal could fuel a move to around $30. Investors may look to offload shares in this area near the broadening formation’s lower trendline, a chart location that also corresponds with the top level of a prior 澳洲幸运5官方开奖结果体彩网:trading range that formed during 🉐the second half of last year.

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