Super Micro Computer (SMCI) shares gained ground in premarket trading on Monday after rising nearly 80% last week, as the embattled server maker rebounded from a turbulent stretch.
The recent gains follow the filing of a compliance plan last Monday to avoid a potential Nasdaq delisting, as well as a mention from partner and AI favorite Nvidia (NVDA) in the chipmaker’s earnings call on Wednesday.
Even after last week’s surge which saw the shares record their best five day return on record, the stock still trades more than 70% below its March peak. The stock had slumped in the wake of several accounting and corporate governance issues that, in part, led to the resignation of the company’s auditor and delayed filing of several financial reports.
The stock was up 7% at $35.50 in recent premarket trading.
Below, we take a closer look at Supermicro’s chart and use technical analysisto identify important price …