Semiconductor Index Rallies 11% to 11,760 with Targets at $12,110–$12,300
The Semiconductor Index jumped 11% from its April 26 high to trade around 11,760 after bottoming at 9,865 on April 28. Analysts forecast further upside to 12,110–12,300 before a potential retrace toward 10,000, flagging growing pullback risk as the current Elliott wave nears completion.
1. Rally Overview
The Semiconductor Index surged 11% from its April 26 high, climbing to approximately 11,760 after hitting a low of 9,865 on April 28. This rapid rebound underscores strong sector momentum since late April.
2. Analyst Projections and Risks
Market technicians project the index could extend gains to a ceiling between 12,110 and 12,300 before encountering resistance. However, they warn that completion of the current Elliott wave pattern increases the likelihood of a corrective pullback toward the 10,000 level.