SMH 56.46 – bullish – Rises within a 3.5-month rising channel

SMH 56.46 – bullish – Rises within a 3.5-month rising channel

SMH rallied strongly to retrace 76.4% of the 60.13/43.53 (June/August 2015) fall. Further strength opens 58.41 (June 22, 2015 weekly high) then the 60.13 record high (June 2015 peak). The 52.43 higher low area (November 9, 2015 weekly low) should provide support for dips. Only below there would prolong consolidation.

Outlook:
Daily: bullish
Weekly: bullish