Are Semiconductor Stocks Targeting Much Higher Prices?

Technology stocks remain hot as semiconductor stocks like Nvidia (NVDA) continue to lead the way higher.

In that light, we take another look at the red-hot Semiconductors Sector ETF (SMH) and highlight why it should be on your radar. Note that we have written about several similar trading setups lately.

“The facts, Ma’am. Just the facts.” – Joe Friday

Below we have a “weekly” chart of the Semiconductors Sector ETF (SMH).

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When applying Fibonacci extensions using the 2020 low and 2021 high, we can see that SMH is currently attempting to breakout above its 161% Fibonacci extension level.

Barring a major reversal of fortune, it’s quite possible that the next Fibonacci extension level (261%) is reached at sometime in the intermediate term. Stay tuned!

$SMH Semiconductors ETF “weekly” Chart

semiconductors etf smh breaking out above 161 fibonacci level chart may 24

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The author may have a position in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.