Despite recent rally, semis are starting to look reluctant staying on top of its bull trend. Weekly closed slightly above its 9 day moving average, stick saving its bulltrend, but various signs are showing that a 5-10% correction could come as early as next week: bearish crossover PPO, diverging highs, and a slowing momentum. Looks very much like the setting before the big drop in March.
While it is still possible that SOXX visit 196 next week, better be careful if you are long MU,AMD,INTC, etc.
While it is still possible that SOXX visit 196 next week, better be careful if you are long MU,AMD,INTC, etc.
Note
This call came right before a big ugly red candle. Right on target again.
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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.