SMH ETF trader tip: Using the charts, Technical Traders goes over the Technology Sector SMH ETF’s recent runs and price actions. We’ve seen a big run-up from the Covid lows back in March. During this time choppy price action occurred indicating a bull flag formation or a running correction to the upside.
The charts are pointing to dramatically higher prices for the Technology Sector. We’ve definitely seen a shift as of last week with the new covid strain. Money flowed out of energy and financials and global transportation is now facing the potential, or worse the reality of locking down once more. Using Fibonacci extension to gauge a 100% measured move, the Technology sector could potentially be acting as a safe haven based on recent price actions.
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