SMH tests major resistance line
SMH approaches major resistance line after flash crash a few days ago
I am expecting SMH to test the resistance line, possibly breakthrough then pull back before continues selling.
Not putting on any trades, waiting for confirmation.
- SMH rallies to major resistance line
- 20 RSI remains below 50 which is a bearish sign that the recent rally is running out
- shorter timeframes show a dramatic drop in volume during the rally which is another bearish indicator
- August and September are historically bad months for the stock market
I am expecting SMH to test the resistance line, possibly breakthrough then pull back before continues selling.
Not putting on any trades, waiting for confirmation.
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