Semis Breaking Out of Channel

By | February 24, 2015

Market Vectors Semiconductor (SMH) shares are up 8% this month after bouncing off the bottom end of a three month consolidation channel. Last week they broke above the upper range of the channel, retested that resistance-turned-support and, at this point in today’s session, are making another strong move. A close at or near current levels is a good risk/reward entry point with an initial percentage stop under the channel top, and with an initial target price projected to the $60.00 area.

2224.smhchart

Leave a Reply