SMPH advanced by almost 16%

Last Friday, SMPH shoot up and close by almost 16%. Whether there was a force close at the end or not, SMPH is already in an upward trend following the signals brought us by Ichimoku prior to the big rally although the testing of newly found support last Thursday was quite alarming.

For those who were able to get SMPH when it emerge from the Kumo, taking a profit might be a good move. Although we are looking at upper slope as our newly found support, price may open below it (at least inside the channel) once market will open tomorrow for a possible selling pressure.

For me I regard the 17.70 as the closing last Friday so if I can sell some shares above that price is already a better profit. I think nobody is expecting the price to go up that high at the closing even though traders are bullish on the stock. For those who would like to get in, I think it is not the best time to do that.

The rally brought RSI to 77. Based on one year time frame, SMPH was able to reach as high as 95 but most of the time it retraces when it reach around 70.

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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