Semi-conductors are looking a bit precarious at this point, as you can see we appear to be in a serious of lower lows and lower highs, this is compounded by the falling momentum in the market as a whole.
This coupled with overall weak internals lead me to believe that further weakness is not out of the question, particularly if the price action is unable to break above the upper descending trendline.
Should the price fail at the upper trend, then a visit to the 55 ema or even the 89 ema is quite likely.
This would constitute a move lower of up to 5%.
*This trade setup is entirely dependent upon the price NOT breaking above this upper trendline.
- TradingEdge
Trade closed: stop reached
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SOXX has closed above the upper trendline, therefore the short opportunity has not manifested, close the trade.