$SMH has retested the 200-day EMA and the 200-day SMA; for now, it trades below these two MAs. It's trying to establish support at the value area low (blue horizontal line) of the volume profile anchored to the February 25 '26 high. If $SMH loses this value area low, it will enter an area of very thin volume on the volume profile; not a lot of support beneath the value area low. So, if $SMH loses this value area low, then it can potentially go all the way down and retest the VWAP anchored to the April 7 '26 low. I want to be very clear: I am not trying to predict anything. I just explain what is visible on the chart. Anything is possible. Of course I hope that $SMH finds support at the value area low; then again, I think it's prudent to be aware of the possibilities outlined in the chart.