Semiconductors have overcome some serious technical weakness and today are again smiling in green with the SMH up approx 1%, INTC +0.7%, and Applied Materials (AMAT) +1.9%.
I took a long position in AMAT earlier this week as posted here on the blog on the day of.
At the time it had displayed a bullish flag pattern and given the momentum in the semis it looked like a good risk/reward trade. My profit target remains just shy of $16.
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