Super Micro Computer (SMCI): Could this be 2024’s comeback?

Could we be witnessing one of the most remarkable comebacks of the year?
SMCI surged an incredible 123% in just eight trading days, turning our position back into profit—a scenario that seemed unlikely not long ago. This highlights how patience in trading often pays off. The key reclaim of the Point of Control (POC) at $26.59 is a pivotal development. It’s crucial that SMCI remains above this level as the week ends, which could also mark a significant monthly close.

On the technical side, SMCI was oversold on the 3D timeframe for the first time since March 2020, which may partly explain the rapid recovery and increased buying pressure.

Fundamentally, last week marked the stock’s best five-day stretch on record following the appointment of BDO as its new independent auditor. This move, combined with a submitted compliance plan to Nasdaq, aims to address the delayed filing of its annual 10-K and quarterly 10-Q forms—previously threatening delisting.

If SMCI successfully files these reports, investor confidence could soar, potentially driving the stock much higher. However, failure to meet these requirements could result in a sharp sell-off. While we could have added at the bottom, patience remains critical as the situation evolves. ✅