Semiconductor ETF ( SMH ) Testing Top Of Range

After holding the bottom end of it's range near $30 the SMH ( Semiconductor Holdr ETF ) has rallied to the upper end of this year's trading range at $35. A convincing breakout above $35 would open the door to an extended rally in both the semiconductor index and the Nasdaq in general. As you can see however, the rsi is approaching 80 so some consolidation would be likely before a major breakout.

Here is a chart of the SMH over the past 6 months: