Super Micro Computer (SMCI) shares traded higher in early trading on Monday after the embattled server maker said late Friday that it had received an 澳洲幸运5官方开奖结果体彩网:extension until February from the Nasdaq to file its delayed annual report.

The news comes almost a month after the company named a new auditor and 澳洲幸运5官方开奖结果体彩网:submitted a compliance plan to the exchange as concerns grew that its stock could be delisted after the firm failed to file its 2024 annual report in August following a series of 澳洲幸运5官方开奖结果体彩网:accounting and corporate governance issues.

Supermicro said Friday that it anticipates filing its annual report, along with its delayed report for the September quarter, by the Feb. 25 deadline to meet its Nasdaq exchange 澳洲幸运5官方开奖结果体彩网:listing requirements. 

Although the stock dropped around 65% between late October and mid-November, it has r🥂ecovered most of those losses over the past month and now trades m꧟ore than 50% higher on the year through Friday’s close.

Below, we take a closer look at Supermicro’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to ꦜidentify important price levels that investors may be watching out for.

Pennant Pattern Signals Bullish Continuation

Since bottoming out last month, Supermicro shares have staged a remarkable recovery, with✨ the price more than doubling from its mid-November low.

Importantly, above-average volume has backed the bullish reversal, indic🍸ating buying activity from larger market players.

More recently, the stock consolidated within a pennant last week, a chart pattern that signals a 澳洲幸运5官方开奖结果体彩网:continuation of the stock’s recent impulsive move higher.

Let’s point out three key overhead areas on Supermicro's chart worth watching and also identify a major 澳洲幸运5官方开奖结果体彩网:support level that may attract buying interest in the stock during 澳洲幸运5官方开奖结果体彩网:pullbacks.

Key Overhead Areas Worth Watching

The first overhead area to monitor sits around $50. This level, about 14% above Friday’s closing price, could encounter selling pressure near the early August 澳洲幸运5官方开奖结果体彩网:swing low and the upper level of a narrow 澳洲幸运5官方开奖结果体彩网:consolidation ไperiod th♊at formed on the chart throughout most of October.

A close above this price could see the shares climb to the $64 level, an area on the chart just below the downward sloping 澳洲幸运5官方开奖结果体彩网:200-day moving average where the price may run into 澳洲幸运5官方开奖结果体彩网:resistance near the prominent August countertrend high.

Further upside may lead to a breakout above the top trendline of a longstanding descending 澳洲幸运5官方开奖结果体彩网:broadening formation and subsequent move up to around $97. Investors may look for selling opportunities in this region near several peaks that emerged on🌼 the chart betwe👍en April and July. 

Interestingly, this area also roughly aligns with a bars pattern 澳洲幸运5官方开奖结果体彩网:price target that extracts the stock’s impulsive move higher that precജeded the pennant and repositions it from the pattern’s upper trendline.

ไMajor Support Level That May Attract Buying Interest

A wave of selling in the stock could see the shares revisit lower support near $30. Investors who are waiting for a retracement may seek 澳洲幸运5官方开奖结果体彩网:entry points near a multi-month trendline that connects a💮 range of similar trading levels on the chart from Augus✃t 2023 to November this year.

The shares could also find support in this area from the descending broadening formation’s lower trendline, depending on 🎐t💟he timing of such a move lower.

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As of the date this article was written, the author does not own any of the above securities.