SM: A spike may happen, but can it sustain?

Weekly: We can’t see any indication for reversal on our weekly chart and while Tenkan Sen and Kijun Sen lines has been twisted, other Ichimoku elements is saying SM is in a downward trend. Will it bottom at 675?

Daily: The Piercing Line which is a bottom reversal pattern may signal a spike for SM but not unless we will have a confirmation. Remember that traders are in a bearish mood and any spike means a good fire exit. You may day trade if there is an opportunity but I don’t think it is the right time to enter for a long position.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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