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SMH Chart

 
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arthur
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PostPosted: Sat Jan 22, 2005 11:28 am    Post subject: SMH Chart Reply with quote
SMH has already retraced over 50% of the rally from the Sep (and 2004) low at 27.78 to the Dec high at 34.95, closing at 30.22 Fri. The parallel downward channel fits very well with recent tops and bottoms. Currently, SMH is near the bottom of the channel. Consequently, there may be little short-term downside risk. Major resistance is at 31.79 (current 20 day MA) and then 32.65 (current 50 day MA). Several semiconductor stocks are reporting earnings next week. So, perhaps, SMH will bounce.

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