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Earnings Play: Qorvo

On Thursday, after market, Qorvo (QRVO) is expected to report fourth quarter EPS of $1.33 compared to $1.22 a year ago on revenue of appx. $764.6M vs. $680.9M last year. The company's current analyst consensus rating is 14 buys, 10 holds and 0 sells, according to Bloomberg.   

From a chartist's point of view, Qorvo recently broke above a major resistance level at $91.00 that has now become support right above the 200 day moving average. The RSI remains supported by a rising trend line. Look for a continuation higher towards $105.00 and $112.00 level in extension as long as price action can remain above the 200-day moving average.     

Source: GAIN Capital, TradingView

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