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Semiconductors Looking Higher

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.

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