Economies.com provides the latest technical analysis and forecast of the american stocks, in order to keep track of the trend of the US stocks.
Himax Technologies' stock (HIMX) rose in the intraday levels, scoring a new profit of 3.50% in the last session, or 0.28 points, and retesting the resistance of 8.34, which represents the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the medium term (from 4.88 to 13.95), amid negative pressure from the 50-day SMA, while the RSI reached extremely overbought levels compared to the stock's movement.
Therefore we expect the stock to return lower, provided the resistance of 8.34 holds on, targeting the support of 7.02, which represents the ratio 76.4% of the same retracement levels.