SMH pushes through Monday's high
VanEck Vectors Semiconductor (SMH) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
SMH ended Tuesday at 115.85 surging $2.76 (2.44%). This is the biggest single-day gain in over three weeks. The last time we've seen such an unusually strong single-day gain on April 3rd, SMH gained 0.11% on the following trading day. Today's close at 115.85 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 113.96, VanEck Vectors confirmed its breakout through the previous session high after trading up to $1.91 above it intraday.
Daily Candlestick Chart (SMH as at Apr 16, 2019):
Tuesday's trading range has been $2.04 (1.79%), that's slightly above the last trading month's daily average range of $1.72. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SMH.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for VanEck Vectors. Out of 52 times, SMH closed higher 51.92% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 65.38% with an average market move of 0.76%.