TradingKey – On May 21, SanDisk Corporation (SNDK) surged 10.75% to close at $1,542.24, pausing just under its fresh records after what appears to be a significant transformation cycle. The 2-hour chart shows a bullish hammer formation, confirming that a retest of the lower end of its sharp ascending channel, now hovering between $1,463 to $1,500, was successful. This support is tested while fundamentals are also at a new high, with the independent chipmaker noting a more than 130% increase in prices compared to the previous quarter amid a global memory trade boom.

SNDK still has a few major dynamic moving average supports holding beneath it, while the oscillator at the base of the price action sits in neutral territory but with strong…