SMH Semiconductors update (weekly) Key areas to watch
Semiconductors finally showing some topping pattern, amidst topping RSI (12) that failed to reach the high 70 channel and a shrinking trend of volume. In effect, weakening momentum.
The first level is 244.71, which is a Gann confluence and also a prior pivot (left yellow circle), and is a 7.1% decline off the most recent peak of 263.57. This would take it to the top of the red cloud which could serve as some support.
The second level to watch is 229.18 (right yellow circle) , which is another Gann Confluence, and also a prior pivot, which would be 13.04% off the peak of 263.57. This would take SMH well into the cloud, which could create some future resistance.
Seasonality is at play, so I would expect a rebound in late summer, although there are many factors which could disrupt any projections any farther out and I do not feel worth making now.
The first level is 244.71, which is a Gann confluence and also a prior pivot (left yellow circle), and is a 7.1% decline off the most recent peak of 263.57. This would take it to the top of the red cloud which could serve as some support.
The second level to watch is 229.18 (right yellow circle) , which is another Gann Confluence, and also a prior pivot, which would be 13.04% off the peak of 263.57. This would take SMH well into the cloud, which could create some future resistance.
Seasonality is at play, so I would expect a rebound in late summer, although there are many factors which could disrupt any projections any farther out and I do not feel worth making now.
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