SMH breaks through key resistance
SMH breaks through key resistance giving a hint that downward trend could be coming to a close for the near term.
Any trades made now should be done cautiously and in small amounts, the market could go in either direction.
Trades made now, should not be added onto until we have more confidence of the overall direction.
- RSI continues to rise during recent rally which is a bullish sign
- Flash crash we experienced on Fri-Mon tends to cause rallies which we have experienced thus far
- potential breakout we are currently seeing could just be false breakout before retreating back into downward trend.
- We should wait for pullback to resistance line and bounce upward to help confirm if this breakout will continue
Any trades made now should be done cautiously and in small amounts, the market could go in either direction.
Trades made now, should not be added onto until we have more confidence of the overall direction.
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