SMH Update (daily chart)
SMH recently peaked at 151.71 on May 30, leaving behind two gaps for potential fill in an area of low volume (yellow volume profile highlight). I am expecting a selloff into the gap areas, which also are at key fib levels.
5/30: peak = 151.71
143.89 = 76% fib (Touched today, and 5.2% off peak)
139.05 = 61.8% fib ( 8.3% off peak)
135.14 = 50% fib (10.9% off peak)
The volume profile is based on quarter to date activity, March - today, June 5. I do not expect a bounce off today's low, the 61.8 % or 50% fib areas look more realistic to me.
5/30: peak = 151.71
143.89 = 76% fib (Touched today, and 5.2% off peak)
139.05 = 61.8% fib ( 8.3% off peak)
135.14 = 50% fib (10.9% off peak)
The volume profile is based on quarter to date activity, March - today, June 5. I do not expect a bounce off today's low, the 61.8 % or 50% fib areas look more realistic to me.
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.
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.