$SMH Semiconductor ETF Hits 30-Day RSI and 200-Day SMA, Faces Fresh Closing Low on August 7

The Semiconductor ETF ($SMH) has experienced bearish trends, starting with selling pressure observed at the beginning of the day on August 6, 2024. Analysts noted that the ETF hit a 30-day relative strength index (RSI) and the 200-day simple moving average (SMA) on August 5, which typically indicates a potential for an oversold bounce. However, there are concerns about overhead resistance and declining moving averages that could hinder recovery. As of August 7, the $SMH reached a fresh closing low, with analysts indicating that many semiconductor stocks are showing daily lower highs, raising questions about whether bulls can maintain the lows established on Monday.