$SMH Wedging Here – It Can Break Either Way
I have been long 
SMH for months and have been up as much as 18%. I have given a lot of that back and am now watching this chart very closely. I did hang in for that 29% drop (shown on chart) and felt it was a shake-out. It started recovering nicely but dipped again. The only positive thing I can say about this chart is that it has managed to put in a higher low (but has it?).
I am watching this wedging pattern and looking for it to break either way. My bias since I am long is to break up and out. But I am prepared for a breakdown as well. I have an alert on both the upper and lower trendlines. Should it break up, I will add to my position and should it breakdown I am ready to sell my position and consider shorting. All TBD.
Thanks for checking it out. Comments always welcome.
SMH for months and have been up as much as 18%. I have given a lot of that back and am now watching this chart very closely. I did hang in for that 29% drop (shown on chart) and felt it was a shake-out. It started recovering nicely but dipped again. The only positive thing I can say about this chart is that it has managed to put in a higher low (but has it?). I am watching this wedging pattern and looking for it to break either way. My bias since I am long is to break up and out. But I am prepared for a breakdown as well. I have an alert on both the upper and lower trendlines. Should it break up, I will add to my position and should it breakdown I am ready to sell my position and consider shorting. All TBD.
Thanks for checking it out. Comments always welcome.
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I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
I may or may not take any trade published and I am under no obligation to post any action or update to any idea.
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