SMH | SHORT

3 ago

SMH

VanEck Semiconductor ETF (SMH) Weekly Analysis:

Current Price Action:

SMH is trading at $218.43, down 9.10% for the week.
Price has breached the upward trendline support, indicating potential further downside.
Key Levels:

Bearish Line: $214.18
Target Price 1: $199.15
Target Price 2: $172.35
Target Price 3: $155.65
Target Price 4: $136.10
Support Zones:

Immediate support is expected around $199.15.
Further support levels are $172.35, $155.65, and $136.10.
Resistance Levels:

Resistance is at the broken trendline near $240, followed by the recent high around $300.
Relative Strength Index (RSI):

RSI is at 53.98, trending downwards, suggesting weakening momentum.
Volume:

Volume is significant at 75.462M, indicating strong selling pressure.

Conclusion:
SMH's breakdown below key support levels and significant bearish momentum suggest further downside potential. Watch for reactions around $199.15 and $172.35 for potential entry points or further declines.