On September 2, 2013 we profiled SWKS as an interesting Stalk Candidate. At that time we took a look at the stock as of the Friday August 30 close and noted that it showed a good weekly structure and chart pattern. This is the weekly chart
with the same trendlines and horizontal resistance line just below $32. Notice how price exploded higher and stalled right at the reistance line… again. The yellow arrow on both this and the daily chart below denote where the SWKS stalk candidacy was initially announced.
Price is likely to pull back here a bit as the market digests this recent move higher and grapples with resistance. It could drop as low as the most recent congestion range between $27 and $28 or maybe even as low as the downtrend line without violating the overall bullish structure. Unless price breaks down through $25/$26 area, pullbacks should be bought.