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Semiconductor Index Breaking Out Above 21-Year Fibonacci Level

By Chris KimbleStock MarketsNov 08, 2021 12:37PM ET
www.investing.com/analysis/semiconductor-index-breaking-out-above-21year-fibonacci-level-200607670
Semiconductor Index Breaking Out Above 21-Year Fibonacci Level
By Chris Kimble   |  Nov 08, 2021 12:37PM ET
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SOX Monthly
SOX Monthly


Technology investors hardly remember the September pullback… because it was gone in a flash.

Tech stocks have risen sharply with several big names and sectors breaking out to new highs. Today we shine the spotlight on another big winner of late (Semiconductors) and why this sector may have more room to run.

Looking at the “monthly” chart of the popular Semiconductor Index (SOX), we can see the strength of the SOX over the past several years. And when applying Fibonacci analysis, we can see the important breakout above the 2000 highs and rally up to the 261.8% Fibonacci extension level. This level has been resistance for the past several months—until now.

This month, the Semiconductor Index is attempting a clean breakout above this 21-year Fibonacci extension level. This is very bullish, but the month is young so this bears watching.

Semiconductor Index Breaking Out Above 21-Year Fibonacci Level
 

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Semiconductor Index Breaking Out Above 21-Year Fibonacci Level

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Comments (3)
Kool Aid
Kool Aid Nov 08, 2021 8:18PM ET
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Ha ha.  "this bears watching"...  I like what you did there....
John Lakran
John Lakran Nov 08, 2021 5:46PM ET
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This chart scares the money right out of my trading account
Jay Bay
Jay Bay Nov 08, 2021 12:45PM ET
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It all just shows there is a huge bubble going on. Nothing more.
Creating Man
Creating Man Nov 08, 2021 12:45PM ET
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ok thanks
 
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