Are Semiconductors Nearing Cup With Handle Bullish Breakout?
Chris Kimble | Nov 16, 2023 20:59
The Semiconductors Sector ETF has been a market-leading sector for nearly two decades.
And after a brief swoon, the Semiconductors (SMH) are heating up once again.
Today’s chart is a long-term “monthly” view of the SMH. As you can see, this market-leading sector has been in an uptrend channel for the past 20 years!
After a brief pullback into 2022, the Semiconductors have returned with renewed strength to test the 361% Fibonacci extension level once again at (1). Better yet, a potential bullish cup and handle pattern has formed, and a breakout at (1) would send one of the most bullish messages from leadership in years.
What would be a great disappointment to the bulls?
That the resistance that started two years ago becomes a triple top!
Time for stock bulls to rock n roll? Stay tuned.
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