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Semiconductors Rally Reaches Historic Dual-Price Breakout Level: What's Next?

By Chris KimbleStock MarketsFeb 28, 2024 08:06

ng.investing.com/analysis/semiconductors-rally-reaches-historic-dualprice-breakout-level-whats-next-194295

Semiconductors Rally Reaches Historic Dual-Price Breakout Level: What's Next?

By Chris Kimble | Feb 28, 2024 08:06

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Investors have been treated to one heck of a rally by the Semiconductor Sector (NASDAQ:SMH) with stocks like Nvidia (NASDAQ:NVDA) leading the sector and stock market higher.

But the semiconductor sector may be nearing a crossroads.

SMH-Monthly Chart

SMH-Monthly Chart

Is it breakout time or break time for the red-hot semiconductors sector?

Today’s long-term “monthly” chart of SMH highlights this very conundrum.

Currently, this market-leading sector is trading around 3 percent below important dual resistance at (1). This level represents the top of a long-term trading channel as well as the 461.8% Fibonacci extension level.

A breakout would be a very bullish development for the stock market, while a consolidation or pullback may signal “break time” for the broader market.

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