SMH: A POTENTIAL DEAD CAT BOUNCE
During this Semiconductor ETF's rise to the top, price retested the high 220s and low 230s zone multiple times. This price range acted as a zone of support (marked by the green box). Since august of 2022, SMH price action has struggled to rise above this zone, turning this zone into resistance (marked by the red box).
Additionally, SMH's downfall (beginning early 2022) has respected the blue downward trendline. We observed a break of the trendline in November of 2022. If price respects the trendline, we will see a bounce to the upside.
If price returns to the red box zone (around low 230s), look for a reversal to occur consistent with the previous price rejections at this range.
Additionally, SMH's downfall (beginning early 2022) has respected the blue downward trendline. We observed a break of the trendline in November of 2022. If price respects the trendline, we will see a bounce to the upside.
If price returns to the red box zone (around low 230s), look for a reversal to occur consistent with the previous price rejections at this range.
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