Flat Screen Maker Himax Has Been Flat During Meltdown

• Posted by Greg Harmon
• on February 4th, 2014

Himax Technologies showed up on my weekend work as a technology name that could be poised to move. The chart below shows that the recent pullback in the broad market has barely put a dent in its stock price. That makes it worth watching in itself. But when added to the chart it shows the potential for a big move. The AB = CD pattern, is actually extended to 127% on the CD leg, and one would look for a pullback to after it was completed. With the market falling hard it had every chance to do so. Time to start looking to the upside for a consolidation break. The consolidation under 14.80

gives a chance for a trade in a break over the top. That triggers a target of 19.65 on a Measured Move higher. The Relative Strength Index (RSI) has held up in bullish territory and the MACD is leveling after a pullback during the consolidation. Look for the break and be mindful that the company reports earnings February 13th before the open.

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