Semiconductors Facing Stiff Resistance Test This Week
Chris Kimble | Nov 30, 2022 02:08
I sometimes get tired of reminding folks of the importance of technology stocks—and, even more so, the Semiconductors Sector—via VanEck Semiconductor ETF (NASDAQ:SMH).
The sector has led the bull market higher for well over a decade… but this year, they are leading the market lower, falling more than the S&P 500 and the Nasdaq 100.
It’s fair to say that we pay particular attention to SMH, especially when it tests crucial support and resistance levels.
Today we feature a weekly chart of the Semiconductors ETF, highlighting a major test of price resistance. Not only is SMH testing its falling channel resistance, but also its falling 40-week moving average AND 38% Fibonacci retracement level.
Can/Will leadership break out? Or breakdown?
For the last two weeks, SMH has been essentially flat. I humbly feel where it closes this week could be critical.
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