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 its 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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