SMH 54.54 – neutral – Expects range-bound price action near-term while the long-term rising trendline underpins
SMH recovered 76.4% of the fall from 60.13 (June 2015 peak) to 43.53 (August 2015 low) before consolidating. While the 47.54 area (September 2015 low) near the long-term rising trendline (from November 2008 low) underpins, further consolidation under the 56.36/60.13 resistance zone is expected near term. However, if bulls manage to reclaim 60.13, that would suggest return of strength and extend the long-term uptrend higher towards the next psychological level at 700.00.
Outlook:
Daily: bullish
Weekly: neutral
Monthly: neutral
SMH recovered 76.4% of the fall from 60.13 (June 2015 peak) to 43.53 (August 2015 low) before consolidating. While the 47.54 area (September 2015 low) near the long-term rising trendline (from November 2008 low) underpins, further consolidation under the 56.36/60.13 resistance zone is expected near term. However, if bulls manage to reclaim 60.13, that would suggest return of strength and extend the long-term uptrend higher towards the next psychological level at 700.00.
Outlook:
Daily: bullish
Weekly: neutral
Monthly: neutral
