SMH approaches major resistance line after flash crash a few days ago
I am expecting SMH to test the resistance line, possibly breakthrough then pull back before continues selling.
Not putting on any trades, waiting for confirmation.
- SMH rallies to major resistance line
- 20 RSI remains below 50 which is a bearish sign that the recent rally is running out
- shorter timeframes show a dramatic drop in volume during the rally which is another bearish indicator
- August and September are historically bad months for the stock market
I am expecting SMH to test the resistance line, possibly breakthrough then pull back before continues selling.
Not putting on any trades, waiting for confirmation.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.