The chart has formed a Head & Shoulders pattern following a double top, which needs to be invalidated to avoid further downside pressure. That’s what the bulls are attempting to achieve, but the question remains: will they succeed?
Additionally, we are frequently testing the 200MA, a key long-term support level.
From a macroeconomic perspective, a recession seems likely, and in such a scenario, maintaining bullish momentum would be difficult.
In my view, we’ve now entered the bearish phase of the market, even for semiconductors.
Additionally, we are frequently testing the 200MA, a key long-term support level.
From a macroeconomic perspective, a recession seems likely, and in such a scenario, maintaining bullish momentum would be difficult.
In my view, we’ve now entered the bearish phase of the market, even for semiconductors.
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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.