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SMH breaks above its updward, reversal likely
VanEck Semiconductor ETF
Short
SMH breaks above its updward, reversal likely
By ratchet-mint
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Apr 4
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Apr 4
SMH has gone on a wonderful tear the last year and has recently showing signs that it is way overbought and due for a correction.
From a 1W period we see that SMH has broken above year long upward trend.
This is a first for SMH to do over the last year
The ETF has gone through some notable contractions like from Aug - Oct of 2023. This occured without breaking above the trend.
RSI 20 is now also for the first time showing that it has reached above 70 in over a year.
We should expect a decent contraction or elongated pull back in time to correct fore this over purchasing it went through.
Tighten your stop losses to protect against downside risk.
Oscillators
rsioversold
SMH
Support and Resistance
Trend Lines
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