Investing.com - Financial Markets Worldwide
Get 40% Off
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

Will Head And Shoulders Pattern Send Semiconductors Index Deep In Red?

ByChris Kimble
Published 04/12/2022, 11:40 AM
Updated 07/09/2023, 06:31 AM

Today we share another important chart for the Semiconductors. Why? Because they are a market leader that has fallen on hard times this year.

And as you may have noticed, we always bring to light the latest reversals and key tests of support/resistance in an effort to highlight potential trend changes.

Just last week, we shared a chart 2-pack looking at key trend line tests for the Semiconductor ETF (NASDAQ:SMH). Today, we look at a harrowing pattern for the Philadelphia Semiconductor Index.

SOX Weekly Chart

In the “weekly” chart of the $SOX, we can see that the Semiconductors Index has formed a head and shoulders pattern over the past 9 months. If this read happens to be correct and support fails at (1), the SOX Index could experience a lot of red going forward. 

Time to watch the leader of all leaders for the past decade-plus. Bulls better put up a fight, or it could get ugly in tech land. Stay tuned!

Latest comments

Yep, 100%, it's broken 420 support, not much holding it from going waaaay down from here, 200s
Well....there are 220 points keeping it from the $200's
 lol, 2 bad 1/4 ly reports is all it would take to bring the P/E's tumbling
Install Our App
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.