One semis stock could be a crystal ball for the chipmakers' next move $SMH (via TradingNation)
, has rocketed 9% in the past month. Applied Materials jumped 5.5% in Friday's premarket, while Nvidia was up slightly., equity strategist at Miller Tabak.Trading Nation
Now, Maley says recent moves in Micron Technology shares are sending a warning signal to the semis space. Now, it appears to be forming a classic head-and-shoulders pattern, says Maley. That is a typically bearish formation that suggests a trend reversal – it is formed by a high, a higher high, and a lower high.
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