Monday, May 20, 2019 2:25:55 PM
Shares of the Semiconductor ETF (SMH) are down again today as the trade war is red hot. Trading at $101.50, the SMH is now entering a multi-factor support area. First, the daily 200 moving average is here at $101.50. Next, the 50% Fibonacci retrace level from the December 2018 lows to the recent April 2019 highs is at $100.78. The fact that the Semi's are near-term oversold and hitting these two levels at the same time, gives a high chance of a strong bounce in the coming days. A bounce would likely take the SMH back as high as $110.00.
Gareth Soloway
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