SM at the mercy of 61.8% Fibonacci Retracement level

Most blue chips went down last week and that doesn’t spare SM from being battered. Last Thursday it opened very low touching the 61.8% Fibonacci Retracement level which was visited last June 25 of this year. The price action last week leaves a gap to be filled at 745 – 788 Will this be filled soon? Are we going to have a repeat of what happened last June 25 when we see a rally after touching the 61.8% level? Price of SM is now very tempting as RSI or Relative Strength Index is saying its oversold. Test buy may not hurt that much. In case it will break the current support, we might see this stock at 650.

Caveat!

3 Responses to SM at the mercy of 61.8% Fibonacci Retracement level

  1. […] June 25 of this year. The price action last week leaves a gap. Will this be filled soon? Caveat! SM at the mercy of 61.8% Fibonacci Retracement level Reply With […]

  2. Ako Si Jogs says:

    do we have a possibility of break at 750 for this stock on the next months?

  3. Felix T. Gomez Jr. says:

    the possibility is greater especially if the Hammer on weekly chart will be confirmed. The only challenge now is the 61.8% Fibo line (around 720 +/-)

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