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Cirrus Logic Inc (CRUS) Plunges After Earnings, Watch This Trade Level

Today, leading semiconductor stock, Cirrus Logic Inc (CRUS), is falling sharply lower after reporting earnings that failed to impress Wall Street investors. Cirrus Logic stock is now trading lower by 9.03% to $67.76 a share. The stock has now fallen back below it’s important 200-day moving average. While this is a near term negative for the stock it still has some daily chart support around the $63.00 area. A close below this key $63.00 support level would indicate more selling in the near term.

The next major support area for CRUS stock will be around the $56.00 level. This is where the stock was defended on June 25, 2020. There are also some very important weekly chart moving averages just below that key $56.00 level, this should also serve as important support if tested. I will be keeping CRUS stock on the radar when it tests this $56.00 level for a long side trade.

 

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