SMH has formed an Inverse Head and Shoulders Pattern. Looking for a bounce to 169-170 if it can close above the neck line. Trading this with SOXL if pattern confirms.
Locally, at least since last April, SOXL has been confined to a trading range as defined herein by yellow horizontal lines, which is the range from 23 highs to 6 lows, thereby having mid at 14.5. So long as above 14.5, I reckon that SOXL will make its way to the range highs (23). On a longer time horizon, it seems likely to reclaim 23 as support and resume trading...
