Semiconductors Emerging From The Chop
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It’s no secret the semiconductor industry played a leadership role for nearly all of 2016.
Market Vectors ETF $SMH is up north of 30% this year alone.
Throughout late September into recent days, this group of stocks finally took a breather and moved sideways following a strong multi-month rally.
Today we see that consolidation might be ending, putting the existing uptrend back into motion again.
We’re breaking above 69 which has proved to be resistance over the past two months and are now within 1 percent from the October highs.
This was a consolidation through time, rather than a pullback in price, which often times represents the strongest of trends.
If you’ve been sidelined and waiting for an entry, now could be a decent risk adjusted area.
Good luck out there.
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