During the past three sessions, the Semiconductor HOLDRs (AMEX: SMH) has climbed above key near-term prior high and trendline resistance at 29.60/80, and has continued still higher towards a test of its February recovery rally peak at 30.24.

The juxtaposition of my near and intermediate-term work with the price structure argues for a thrust above 30.24 on the way to the 32.00/60 area prior to the completion of the next recovery upleg.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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