Super Micro Price Levels to Watch as Stock Slide Accelerates

37 minutes ago

Super Micro Computer (SMCI) shares continued falling sharply this morning after leading Nasdaq decliners on Wednesday following news that the embattled server maker would delay the filing of its fiscal first-quarter financial report.

The latest update comes after the company said in October that it could not predict when it would file its 2004 annual report, a requirement it must meet to comply with Nasdaq listing rules. The company’s reporting delays stem from the resignation of its auditor Ernst Young last month, which earlier flagged issues with the server maker’s corporate governance and internal controls.

Super Micro shares have lost more than half their value since late October. The stock was down 11% at around $18 in recent premarket trading.

The stock's sell-off has continued after breaking down below a descending broadening wedge pattern late last month on above-average volume.

Investors should watch important support levels on Super Micro's chart around $17 and $12, while keeping an eye on key resistance levels near $23 and $30.

Read the full technical analysis piece here.

–Timothy Smith

Major Index Stock Futures Slightly Higher

1 hr 39 min ago

Futures tied to the Dow Jones Industrial Average were up 0.2%.

S&P 500 futures were up 0.1%.

Nasdaq 100 futures were up less than 0.1%.

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