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.

• ↑Q1 FY26 revenue $251.1M (+22% YoY), data center up 143% YoY
• ↑Adjusted gross margin 53.5% and EBITDA margin 22.1% reflect efficiency
• ↓Negative earnings yield and extremely low book-to-price imply overvaluation