Semiconductors at long-term support

When looking at a weekly chart, it is easier to see if an asset is in a bullish or bearish trend.

Taking a look a the SOXX, we see we are at a potential place for a bounce.

I chose the 52 exponential-moving average because there are 52 weeks in a year, and it has worked very well in the past.

A close on a weekly basis below this level is the signal to get out. If we can hold though, it would be a strong bull case for a bottom.