SMH, short term double top?
Although nothing really pans out, i suspect a potential double top for Semiconductor ETF.
While lots of GOOD news such as good economic or job data, and shortage of chips should propel SMH even higher but
as contrarian, i would take opposite opinion for next 3 months for a short hiatus for retracement
if the double top plays out
the first down side target base on % projection will be ~216.
and if this neckline breaks down,
next projection target is around 181
as to whether it can go lower to ~152 for major major support, that i am not sure
only time will tell
Please do your own D.D.
Not a suggestion to buy or sell this etf, only for research purpose
While lots of GOOD news such as good economic or job data, and shortage of chips should propel SMH even higher but
as contrarian, i would take opposite opinion for next 3 months for a short hiatus for retracement
if the double top plays out
the first down side target base on % projection will be ~216.
and if this neckline breaks down,
next projection target is around 181
as to whether it can go lower to ~152 for major major support, that i am not sure
only time will tell
Please do your own D.D.
Not a suggestion to buy or sell this etf, only for research purpose
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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.