🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Will Semiconductor Stocks Send A Trick Or Treat Message To Tech Sector?

Published 10/31/2022, 02:46 PM
Updated 07/09/2023, 06:31 AM
SMH
-

Tech is extremely important to the broader stock market and has been a market leader over the past decade-plus.

But as October comes to a close and the masses welcome Halloween, we look within the technology arena and focus on a key technology leader: The Semiconductors.

Below is a long-term monthly chart of the Semiconductors Sector VanEck Semiconductor ETF (NASDAQ:SMH). A very clear rising trend line has formed as marked by (1). This trend line has been tested several times at each (2) and held.

Long-Term Monthly SMH Chart.

SMH is currently testing long-term support at (3), where it may be creating a “Doji Star” reversal pattern.

Trick (bearish) = tech leadership breaks price support at (3).

Treat (bullish) = tech leadership holds price support at (3).

It’s Oct. 31st and the close for the end of the month seems quite important, as a test of strong support is in play!

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.