SMH–Expects range-bound near-term above l-term rising trendline
SMH 54.54 – neutral – Expects range-bound price action near-term while the long-term rising trendline underpins
SMH recovered 76.4% of the fall from 60.13 (June 2015 peak) to 43.53 (August 2015 low) before consolidating. While the 47.54 area (September 2015 low) near the long-term rising trendline (from November 2008 low) underpins, further consolidation under the 56.36/60.13 resistance zone is expected near term. However, if bulls manage to reclaim 60.13, that would suggest return of strength and extend the long-term uptrend higher towards the next psychological level at 700.00.
Outlook:
Daily: bullish
Weekly: neutral
Monthly: neutral
SMH recovered 76.4% of the fall from 60.13 (June 2015 peak) to 43.53 (August 2015 low) before consolidating. While the 47.54 area (September 2015 low) near the long-term rising trendline (from November 2008 low) underpins, further consolidation under the 56.36/60.13 resistance zone is expected near term. However, if bulls manage to reclaim 60.13, that would suggest return of strength and extend the long-term uptrend higher towards the next psychological level at 700.00.
Outlook:
Daily: bullish
Weekly: neutral
Monthly: neutral
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.