Semiconductors Looking Higher

Feb 27

by Mike Paulenoff, Wed February 27th, 2008

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Semiconductors Looking Higher
By Mike Paulenoff, www.MPTrader.com

During the past three sessions, the Semiconductor HOLDRs (AMEX: SMH) has climbed above key near-term prior high and trendline resistance at 29.60/80, and has continued still higher towards a test of its February recovery rally peak at 30.24.

The juxtaposition of my near and intermediate-term work with the price structure argues for a thrust above 30.24 on the way to the 32.00/60 area prior to the completion of the next recovery upleg.

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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