SMH eyes on $237: Key support that needs to hold for next leg up
Updated
Chip stocks have been cooling down for a few months.
SMH covers a cross section of the industry and is dipping.
Currently testing a key support acting as bottom of range.
$ 236.36-238.96 is the current support of interest.
$ 246.87-247.78 above is minor but key resistance
$ 225.66-225.86 below is next support for stop loss.
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All of these zones were obvious in last analysis:
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The major levels for SMH are set by its "Genesis Sequence":
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SMH covers a cross section of the industry and is dipping.
Currently testing a key support acting as bottom of range.
$ 236.36-238.96 is the current support of interest.
$ 246.87-247.78 above is minor but key resistance
$ 225.66-225.86 below is next support for stop loss.
.
All of these zones were obvious in last analysis:
.
The major levels for SMH are set by its "Genesis Sequence":
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Trade active
Houston: "We have IGNITION"
(yellow shaded area is from posting time).
We have initial move, lets see if continues.
If continues, I will measure and poject targets.
But very good chance this is a BOTTOM.
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