SMH tests major resistance level

SMH has rallied nicely the past 2 days and now reached major downward resistance level again. This is a crucial area for SMH to break in order for more rallying to continue

  • Resistance defined well during late August
  • ETF now presses up against resistance again
  • Volume declines as resistance is reached.


Overall I am expecting a reversal to start forming around here. Figure on SMH testing the level before retracting back down to lower levels again.
reversalSMHSupport and ResistanceVolume

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