Upside Reversal in Semiconductors

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By Mike Paulenoff | Published 12/6/2006 | Stocks | Unrated

Upside Reversal in Semiconductors

Slowly, almost in a sneaky way, the SMH has reversed to the upside off of its earlier pullback low at 34.51 to 34.93, which represents a successful test of a cluster of moving average support between 34.60 and 34.30.

If todayâ�,��"�s upside reversal can be sustained, and can hurdle yesterdayâ�,��"�s high at 35.13, the SMH should accelerate to test more important resistance at 35.50/70.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.

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