Samsung has seen an intraday break of key resistance, yet volumes are low and bears may have a case to make. Whichever camp you’re in, keep a close eye on price action around current levels as it could pace the way for a sizable move in either direction.
Bullish clues:
Trade tensions between US and China have thawed (for now)
A multi-month, inverted head and shoulders could be close to a breakout
Bullish momentum has erupted of late, heading into key resistance (the neckline)
A small bullish hammer marks a clear swing low beneath the neckline
Bearish clues:
Trade tensions between US and China could return (although this will likely be October if they do)
Samsung has underperformed relative to the Semiconductor ETF (SOXX) this past year
SOXX resides below key resistance after an already solid run (will resistance hold for the sector?)
Today’s intraday breakout has been seen on low volume. A breakout on low volume (or series of bearish candles which revert beneath the breakout level) could be used to warn of a bull-trap
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