SMH - Flerting with 200MA and H&S
The chart has formed a Head & Shoulders pattern following a double top, which needs to be invalidated to avoid further downside pressure. That’s what the bulls are attempting to achieve, but the question remains: will they succeed?
Additionally, we are frequently testing the 200MA, a key long-term support level.
From a macroeconomic perspective, a recession seems likely, and in such a scenario, maintaining bullish momentum would be difficult.
In my view, we’ve now entered the bearish phase of the market, even for semiconductors.
Additionally, we are frequently testing the 200MA, a key long-term support level.
From a macroeconomic perspective, a recession seems likely, and in such a scenario, maintaining bullish momentum would be difficult.
In my view, we’ve now entered the bearish phase of the market, even for semiconductors.
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