Semiconductors Trigger Buy Signal With Cup And Handle Breakout
Image Source: Unsplash
Not too long ago, we wrote about a potential cup with handle breakout for the market-leading Semiconductors ETF (SMH).
Today, we examine a “monthly” chart of $SMH to provide an update on that powerful price pattern.
As you can see, a breakout has taken flight at (1).
The breakout looks pretty bullish, after 2-years of forming the top of the cup with handle pattern.
Note that the “handle” formed at the 361% Fibonacci extension level, highlighting the power of Fibonacci levels and the power of the pattern!
(Click on image to enlarge)
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