Bearish mood on SM. Sell on strength

Weekly: SM is giving us another bearish signal from the Kumo breakout. This bearish signal is an addition to the Chikou Span bearish signal. Tenkan Sen at this time is moving above Kijun Sen but looks like it is also about to join the party. Price also break the 61.8% Fibonacci Retracement level which should have been the support aside from the Kumo. RSI is still pointing down.

Daily: Daily chart is already in a bearish mood with all Ichimoku elements in red. RSI is pointing up on daily chart which may suggest that there will be buying pressure but this might just be a fire exit. The kumo will be our immediate resistance. For those ipits, I think it would be better to sell on strength at this time.


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