All bullish on SMPH’s daily chart. Price at upper slope

Weekly: On weekly chart, SMPH showed bullish sentiment as it continue to stay above the Kumo or Cloud of the last two weeks. Kijun Sen showed to be a strong support when SMPH fell this week before the bounce. Although we have a weak bearish signal from Tenkan Sen / Kijun Sen Cross around July, it seems that Tenkan Sen is poised to make a cross soon. Chikou Span is not net confirming the bullishness of this stock.

Daily: Looking at the chart we have everything bullish based on Ichimoku system but notice how the Kijun Sen make a horizontal line and not following the price going up. As we know price tends to move alternately away from and back toward the Kijun Sen in a cyclical fashion due to the Kijun Sen’s strong expression of equilibrium.

While our indicators are still green, no reason to abandon this stock but you may take from profit if you want. If you look at our slope drawn last time (unchanged), price is at the upper slope.

Caveat!

Leave a Reply