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Are Semiconductors Nearing Cup With Handle Bullish Breakout?

By Chris KimbleStock MarketsNov 17, 2023 06:59

au.investing.com/analysis/are-semiconductors-nearing-cup-with-handle-bullish-breakout-200583110

Are Semiconductors Nearing Cup With Handle Bullish Breakout?

By Chris Kimble | Nov 17, 2023 06:59

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The Semiconductors Sector ETF has been a market-leading sector for nearly two decades.

And after a brief swoon, the Semiconductors (SMH) are heating up once again.

SMH-Monthly Chart

SMH-Monthly Chart

Today’s chart is a long-term “monthly” view of the SMH. As you can see, this market-leading sector has been in an uptrend channel for the past 20 years!

After a brief pullback into 2022, the Semiconductors have returned with renewed strength to test the 361% Fibonacci extension level once again at (1). Better yet, a potential bullish cup and handle pattern has formed, and a breakout at (1) would send one of the most bullish messages from leadership in years.

What would be a great disappointment to the bulls?

That the resistance that started two years ago becomes a triple top!

Time for stock bulls to rock n roll? Stay tuned.

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