Semiconductor Index Breaking Out Above 21-Year Fibonacci Level

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Expertise buyers hardly bear in mind the September pullback… as a result of it was gone in a flash.

Tech shares have risen sharply with a number of large names and sectors breaking out to new highs. At present we shine the highlight on one other large winner of late (Semiconductors) and why this sector could have extra room to run.

Trying on the “month-to-month” chart of the favored (SOX), we will see the power of the SOX over the previous a number of years. And when making use of Fibonacci evaluation, we will see the necessary breakout above the 2000 highs and rally as much as the 261.8% Fibonacci extension degree. This degree has been resistance for the previous a number of months—till now.

This month, the Semiconductor Index is making an attempt a clear breakout above this 21-year Fibonacci extension degree. That is very bullish, however the month is younger so this bears watching.

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