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Himax Ahead Of Earnings.

(NASDAQ:HIMX)As stated in my previous article Is Himax Overbought?, I had been anticipating a temporary pullback in the in the stock.

We are currently trading at key support levels with earnings fast approaching.(click to enlarge)

Click to enlarge

As we can see from the chart, Long Term support, MA(50) and rising trend line all converge just bellow today's range.

In addition RSI is nearing oversold levels and I anticipate that support will hold.

As a result I favor long positions above $9.35 with a target of $11.15 into earnings.

A break below $9 would lead to further downside. Further selling should be limited to $8 horizontal support. See highs in May and July

Disclosure: I am long HIMX. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.