Semtech Corp

SMTC remains in a Stage 2 advancing uptrend but the active blow-off top pattern and heavy distribution volume have flipped the medium-term bias bearish. Price has broken down below the 9/21 EMA zone and is rejecting these levels, confirming bearish momentum. With no mean-reversion support and continued short-EMA resistance, we execute a sell now at the EMA resistance zone to capture the next leg of the distribution phase.

• ↑Q2 revenue $342 M, up 33% YoY with data center at $100 M (+91%).
• ↑Adjusted EPS $0.71, up 73% YoY, driven by operational leverage.
• ↓Negative earnings yield and weak book-to-price metrics imply overvaluation.