Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Monster Support Test In Play For Leadership

Published 04/26/2018, 08:32 AM
Updated 07/09/2023, 06:31 AM

Monster Reversal Patterns

Semiconductor ETF (NYSE:SMH) has been much stronger than the broad market since the 2009 low, almost doubling the gains of the S&P 500 in the past 9-years. The long-term trend on this leading index remains up at the time.

The near vertical rally over the past couple of years saw SMH test the 2000 highs in January and February, where a monster bearish reversal pattern took place last month at (3), as it was attempting a breakout.

As the month is nearing an end, SMH has been soft in April and it is testing steep 2-year rising support at (4).

Support is support until broken and SMH is testing a very important support line this month, following a monster reversal pattern last month. What SMH does at support should send an important message to this leader and the broad markets going forward.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.