Watch for this key level in the semis space for a buy signal, trader says $SMH (via TradingNation)
among its top components, rallied 26% from a June low to the year's peak in July. From that top to an August low, it pulled back 13% before moving its way back up to previous highs through this month.
"The near-term downtrend really has not caused hardly any deterioration in the broader trend," Newton said on CNBC's "" on Wednesday. "Even on a near-term basis, my thinking is the area right near $115 on the SMH is a level to buy into this. It's formed a giant triangle pattern in the last five months."
"This push to new highs has caused momentum to stall out and actually is at lower levels. So that could be an intermediate term concern, but you really need to see the price weakness. And until that happens, it's still right to continue to buy dips in this as trends remain resilient," said Newton., CEO of Chantico Global, isn't buying the near-term bull case right now without some resolution on the trade war with China.
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