If $SWKS Trend Breaks, 200 Day Average or $12.5 Support Next (Chart)

If you read my previous post on Skyworks Solutions (SWKS) a few weeks ago [Skyworks Breaks Out of 8 Year Channel (SWKS, RFMD, TQNT, SMH, AAPL, QQQQ)], I said it broke out of an 8 year channel, which could be good thing, structurally, for the long term. However, if the market rolls over here, specifically the Nasdaq, there's a chance $SWKS could violate a rising wedge and test the 200 day moving average (hits today at $15.14) or floor support line ($12.55). It closed at $17.29 today, below the 50 day moving average.

I'm not seeing that much option activity, but the $17.50 August and November call strikes are loaded with open interest (Aug $17.50 C: 13,976 open contracts, Nov $17.50 C: 30,396). Wondering if it's long or short exposure (or hedging). Check out the SWKS chart. Click the image above (courtesy of FreeStockCharts.com) for a larger view.

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