SMH recent move demonstrates strong bearish conviction
$VanEck Semiconductor ETF(SMH)$ : While gaps often close, the recent move demonstrates strong bearish conviction, and bearish stochastic crossovers are typically significant.
The 20-day and 50-day moving averages may offer temporary support, but a new downtrend appears likely. ➡️How long will this gap remain open, and will $NVIDIA(NVDA)$ 's earnings report on Wednesday turn the chart bullish?
SMH 273$ gap will be filled too when NVDA gets to 190$ but it may take time and we may get short term dip to buy. I agree, expecting an immediate bounce that brings back price to ATH looks unlikely in the short term.
Image
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
