Bears Tried to Sink the Semiconductor Index and Failed: Chart Study

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Chip stocks have lagged along with the broader technology sector. But just when you think they’re dead, they have a session like yesterday.

Notice how the Philadelphia Semiconductor Index opened 2.2 percent below its close the previous session. Also notice how quickly it bounced and ended the session up a full 2 percent.

The low was lower than Tuesday’s and the high was higher: a textbook bullish engulfing candle.

In isolation, that’s interesting for the bulls. But there’s more because …

For more, please click here to view the related idea and chart analysis on TradingView.

Philadelphia Semiconductor Index, daily chart with key patterns, courtesy of TradingView.
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