As the technology sector continues to sizzle, it is semiconductor stocks such as the mighty Nvidia that lead the charge towards higher peaks.
Peering into the buzzing atmosphere, it becomes imperative to re-evaluate the soaring VanEck Semiconductor ETF that stands as a beacon on the investor’s navigational screen. It is worth noting the recurring trading setups that have popped up recently.
Highlighted for scrutiny is the weekly chart of the Semiconductors Sector ETF (SMH).
When delving into the complex world of Fibonacci extensions with reference points from the lows of 2020 and highs of 2021, a fascinating tale unfolds. SMH is currently in the throes of an attempt to break free, soaring past its 161% Fibonacci extension level.
Short of a seismic shift in its fortunes, the road ahead seems to pave the way for the next chapter in its novel—a potential rendezvous with the 261% Fibonacci extension level on the horizon.
