Coherent Corp

COHR is in a Stage 4 decline characterized by a clear sequence of lower highs and lower lows, with declining EMAs acting as dynamic resistance. Price is currently extended below the 9, 20, and 50 EMAs and is testing the 200 DMA after an extreme oversold washout, showing exhaustion but no decisive reversal yet. Despite the long-term uptrend intact above the 200 DMA, the medium-term tradable side remains bearish. Execution should be deferred until rallies into the declining EMA resistance zone, consistent with a high momentum strategy seeking clean sell entries.

• ↑Q3 revenue up 21% YoY to $1.8B on AI and comms demand.
• ↑Operating margin expanded to 20.3% vs 19.9% in Q2.
• ↓Earnings yield is negative, pointing to stretched valuation metrics.