Semiconductor Manufacturing (0981.HK): Breakout of Major Consolidation. Potential Upside?
- As shown on the daily chart of Semiconductor Manufacturing, price has been in a consolidation phase trading within a major symmetrical triangle formation.
- At the time of writing, price has broken the resistance of the consolidation formation. A decisive close of the candle above this resistance will serve as an indication that the momentum has shifted and is poised towards the upside. We may then see price extending towards the next resistance level at HK$27.5.
- However, if price fails to close past the resistance, we may expect a continuation of the downtrend with price extending to the support of the major symmetrical triangle.
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