$SMH Weekly Chart: Bullish Crossover Amid Resistance
$VanEck Semiconductor ETF(SMH)$ - Weekly Chart:
Thus far, the bullish Stochastic crossover, initiated by a series of bullish candles, has been effective. Even the recent decline in volume is consistent with previous patterns.
The latest candle can be considered also as part of the sequence, anticipating a consolidation.
The difference today is that 10 weekly average is in resistance position, and in confluence with the 50 daily average (not in chart).
$251 has to be conquered next week to prove there is continuation.
If there is a pullback, the 20 weekly average at $240 is the first line of defense to manage risk.
$Invesco QQQ(QQQ)$ $Technology Select Sector SPDR Fund(XLK)$ $SPDR S&P 500 ETF Trust(SPY)$
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https://x.com/SmartReversals/status/1827697800735232176
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