SMH BREAKOUT: Semiconductor ETF Explodes Higher After 13-Month VanEck Semiconductor ETF (SMH) - 1Y Chart Analysis
THE SETUP:
After 13 months of sideways chop between $180-$240, SMH has finally broken out with real conviction. This lengthy accumulation phase built a massive foundation for what could be the next major leg higher.
KEY LEVELS:
Breakout Level: $240 (now critical support)
Current Price: $261.59 (+1.79%)
Next Target: $300 (major psychological level)
Stop Loss: Below $240 breakout
WHAT HAPPENED:
Semis have been coiling throughout 2024, basically going nowhere while digesting the previous run. The break above $240 on solid volume tells me buyers are finally stepping in with size.
MY TAKE:
This looks like the real deal. 13 months is a long time to build a base, and when these sector ETFs finally break out of extended ranges, they tend to move fast. $300 is the obvious target - round numbers always matter in this game.
TRADE SETUP:
Long SMH with targets at $280 and $300. Stop below $240. The risk/reward here looks solid for swing traders who can handle the volatility.
Anyone else playing this breakout or waiting for a pullback? The semiconductor space has been dead money for over a year, so this could be the start of something bigger.
This is not financial advice. Trade at your own risk and size accordingly.
