The semiconductor holders SMH is about to touch its rising 200 MA and this will be an important area for us to watch out. If the support cannot hold, then semi stocks are in for some selling.
The chart above shows the daily chart of SMH. Yesterday it formed a bottoming tail pattern. This is an indication of slowing momentum though we are not out of the woods yet for the semis. It is however reaching the rising 200 MA which will be crucial for us to look at.
If the support from the 200 MA cannot hold, then there might be more selling in semi stocks.
The chart above shows the weekly chart of SMH. The sector is still in a nice weekly uptrend and the uptrend is still intact. Which is why, there is still a bias that the support in the daily chart will hold and help semis to bounce back higher. In the event that the support does not hold then the next area of support will be around the 85 area.
The chart above is the 60 min chart of SMH. As you can see, the SMH is still in a 60 min downtrend staying below its declining 50 MA. There was two bottoming tails that formed in the SMH which helped it to bounce up higher. Whether this is just a bounce in a 60 min downtrend or the start of a new uptrend remains to be seen.
We still need SMH to make a higher high and a higher low in the 60 min chart before we can consider it to be in an uptrend.
Mar 18, 19 09:23 AM
Analysis of what is going on in US stock market as well as highlights of some stocks that are forming significant patterns.
Mar 15, 19 01:07 PM
Apple is one of those stocks that we should look at almost every day. The reasons is because it is a component of the Dow Jones, the S&P 500 and the Nasdaq Composite. If Apple does well, it will be go…
Mar 15, 19 12:59 PM
Technical analysis and trend analysis of Bahvest stock price. Borneo Aqua Harvest.
Mar 15, 19 08:40 AM
So a friend asked me if Dayang will continue to go up. I guess many are wondering the same question as well. So let's take a look at what the charts are saying.
Mar 15, 19 08:30 AM
Let us take a look at the technical outlook and charts of WTK Holdings.