Compagnie Generale des Etablissements Michelin SCA

SMH’s medium-term bias remains bearish, with price below declining short-term EMAs and continued lower highs and lows. The short-term timing is indeterminate as price pulls back into EMAs amid an extreme oversold context, suggesting a potential bounce into resistance. Long-term trend stays bullish, supported by a rising 200-day SMA. Execution should focus on deferred selling on rallies into dynamic resistance zones.

• ↑Q2 chip-equipment and memory earnings powered AI-capex momentum.
• ↑Price rose 2.08% and 2.28% recently, confirming bullish technical signals.
• ↓SMH trades about 40.6% above its $406.41 intrinsic value, flagging overvaluation.