SMH | SHORT
SMH VanEck Semiconductor ETF (SMH) Weekly Analysis:
Current Price Action:
SMH is trading at $218.43, down 9.10% for the week.
Price has breached the upward trendline support, indicating potential further downside.
Key Levels:
Bearish Line: $214.18
Target Price 1: $199.15
Target Price 2: $172.35
Target Price 3: $155.65
Target Price 4: $136.10
Support Zones:
Immediate support is expected around $199.15.
Further support levels are $172.35, $155.65, and $136.10.
Resistance Levels:
Resistance is at the broken trendline near $240, followed by the recent high around $300.
Relative Strength Index (RSI):
RSI is at 53.98, trending downwards, suggesting weakening momentum.
Volume:
Volume is significant at 75.462M, indicating strong selling pressure.
Conclusion:
SMH's breakdown below key support levels and significant bearish momentum suggest further downside potential. Watch for reactions around $199.15 and $172.35 for potential entry points or further declines.
Trade closed: target reached
Target Price 1: $199.15
no pain, no gain
Unveiling illusions, revealing wealth
Unveiling illusions, revealing wealth
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
no pain, no gain
Unveiling illusions, revealing wealth
Unveiling illusions, revealing wealth
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.