TradingKey – SK Hynix reverses its weak opening, surging intraday; however, chasing the rally blindly is not recommended.

During the early trading hours in Asia on July 8, South Korean AI memory giant SK Hynix staged a strong reversal from losses to gains, surging over 5% intraday to hit a high of 2,329,000 KRW, with the gain now narrowing to 3.09%. At the market open this morning, SK Hynix fell sharply by over 4%, nearing the 2 million KRW psychological level.

SK Hynix Stock Price Chart, Source: TradingView

Yesterday, SK Hynix fell over 6% and extended its decline at the open this morning before staging an intraday reversal. This highly volatile “deep V-shaped” movement reflects intense tug-of-war between bulls and bears, driven by deep…