Arm Holdings plc (ARM) shares were having a good day on Tuesday, climbing as semiconductor stocks outperformed the broader market. The Nasdaq was up less than half a percent, while the S&P 500 was slightly in the red. Not a massive rally, but for a stock that's been through some volatility lately, any green is welcome.

There's no single company-specific catalyst driving the move. Instead, traders are looking at the charts for signs that buyers are stepping back in. And the technical picture is, well, a bit of a mixed bag.

Technical Analysis

Arm is currently trading above its 20-day simple moving average of $253.04, which is a short-term positive. But it's still below its 50-day SMA of $272.13 and its 100-day SMA of $278.71. That suggests the intermediate trend is still weak. However, the longer-term trend is more encouraging: the stock is well above its 200-day SMA of $202.40.

The relative strength index is at 52.13, which is neutral territory. Neither buyers nor sellers have a clear momentum edge right now.

The moving averages themselves are also sending mixed signals. The 20-day SMA is below the 50-day SMA, which is typically bearish. But the 50-day SMA is above the 200-day SMA, thanks to a golden cross back in April, which is a bullish sign for the long term.

On the upside, resistance is near $267.50, followed by the 50-day SMA. On the downside, support is around $243.

Analyst Outlook

Wall Street is still pretty bullish on Arm, with a Buy consensus rating and an average price target of $319. That's a significant upside from current levels. But recent analyst moves show some caution creeping in:

• Morgan Stanley: Equal-Weight, raised its forecast to $212.00 (July 30)
• Rosenblatt: Buy, lowered its forecast to $250.00 (July 31)
• UBS: Buy, lowered its forecast to $320.00 (July 30)

It's worth noting that Arm carries a hefty valuation, with a price-to-earnings ratio of around 257. That's not a typo. Investors are paying a premium for growth, which means any disappointment could hit hard.

Top ETF Exposure

If you're not keen on picking individual stocks, Arm is also a significant holding in several exchange-traded funds. That gives you another way to get exposure to the chip designer.

The First Trust International Equity Opportunities ETF (FPXI) had a 4.19% weighting in Arm as of Sept. 4. The VanEck Fabless Semiconductor ETF (SMHX) had a 3.85% weighting as of Sept. 3.

Because Arm is a meaningful part of these funds, ETF inflows and outflows can create buying or selling pressure in the stock itself. So keep an eye on fund flows if you're watching Arm's price action.

Momentum vs. Value

On a momentum basis, Arm scores a whopping 95 out of 100. That's a strong signal that the stock has been moving in the right direction. But its value score is just 1.79, which highlights how expensive it is. That combination means the stock has strong price momentum but is also more vulnerable if growth expectations start to fade.

Price Action

At the time of publication on Tuesday, Arm shares were up 4.32% at $262.98, according to market data.