Super Micro Computer (SMCI) shares jumped nearly 30% Monday after the struggling server maker announced that an independent review of its accounting practices 澳洲幸运5开奖号码历史查询:found no wrongdoing.

Accusations of accounting-related anomalies earlier this year led to the delayed filing of several financial reports, prompting concerns of a potential Nasdaq 澳洲幸运5开奖号码历史查询:delisting, with those fears compounded following the resignation of the company's auditor in October. 

After falling as much as 86% from their early-March peak, shares in the one-time 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) darling have more than doubled from last month’s low after the company 澳洲幸运5开奖号码历史查询:filed a compliance plan with the Nasdaq and announced a new auditor, adding that it now expects to be able to file its delayed financial results.🎉

Supermicro shares rose 29% to $42 in Monday's regular session, before adding another 4% in extended trading.

Below, we break down the 澳洲幸运5开奖号码历史查询:technicals on Supermicro’s 澳洲幸运5开奖号码历史查询:weekly chart and point ꦕout key price levels worth watching out for.

Descending Broadening Formation

After forming a 澳洲幸运5开奖号码历史查询:bear trap last month, Supermicro shares have continued to move higher, reclaiming the lower trendline of a descending 澳洲幸运5开奖号码历史查询:broadening formation👍 that has b👍een in play on the chart since the stock topped out in early March.

Importantly, above-average 澳洲幸运5开奖号码历史查询:trading volumes have supported the move higher, indicating buying participation from larger market participants, such as 澳洲幸运5开奖号码历史查询:institutional investors. While the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) remains below 50, it continues to ri𝔉se, signaling improving price momentum.

Let’s identify several key overhead areas on Supermicro’s chart that investors may be watching and also look at two major 澳洲幸运5开奖号码历史查询:support levels to monitor during 澳洲幸运5开奖号码历史查询:retracements.

Key Overhead Areas to Watch

Amid further bullish momentum, investors should initially watch the $50 level. This area on the chart could provide resistance near the 澳洲幸运5开奖号码历史查询:psychological round number, which also sits in closely proximity to the early-August trough and late-October peak.

A decisive close above this level could see the shares climb to around $64, a location on the chart where the price may encounter selling pressure near the August 澳洲幸运5开奖号码历史查询:countertrend high. This🐎 region also currently aligns with the 50-week moving average (MA).

Further positive 澳洲幸运5开奖号码历史查询:price action may fuel a rally up to the $97 area. Investors could look for 澳洲幸运5开奖号码历史查询:exit points at this level near a series of peaks on the ch💟art situated just below the stock’s March record high.

Major Support Levels to Monitor

The first major support level to monitor sits around $30. A pullback to this area could see investors seek buying opportunities near the top trendline of a five-month 澳洲幸运5开奖号码历史查询:consolidation period that formed on the chart between August and December la𝄹st year.

Finally, a more-signifi♏cant drop could see Supermicro shares retrace to the $23 level. This location on the chart, slightly below the closely watched 200-week MA😼, would likely provide support near the lower trendline of the consolidation period mentioned above.

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