Vaneck Semiconductor Etf | SMH

AI Analysis of Vaneck Semiconductor Etf

Not a bad day for the fund, Vaneck Semiconductor has returned 5.76% today, hey can't complain about that. Investors seem to feel optimistic about the market segment. It looks like SMH could be hitting an upward sloping resistance line. Most traders won't try to short a stock when the line is upsloping. But it may be a good time to take profit or wait for a better entry point for a long position. In addition to being near an angled resistance line SMH is near a weak resistance line. If there isn't strong buying pressure the price might bounce off and move back down, but it can always break through and move up. So here's the thing, a double resistance line may look tempting to short but I'm going to need to discourage it, Vaneck Semiconductor has has been moving up really been moving up aggressively and may push through resistance points with no problem. I'd prefer to short sell into neutral or negative momentum, it's just safer. Over the last 12 months the ETF has moved up by 151.30 percent. Hard to say when this thing is gonna turn around

If it breaks through the resistance level, we aren't seeing any clear resistance points beyond that. So it may have plenty of room to work up from there. If the price does in fact bounce off here, it might find nearest support down at the $534.94 level, hard to say where it will go from there though.