SMPH at the bottom?

Weekly: Last week we saw a failed reversal pattern on SMPH and SMPH continued to move south after that. The recent development is quite interesting as we might see a possible bottom for SMPH at this level. If you notice it was last June that price reached this low and bounced from there for 5 weeks. Will history repeat itself?

Ichimoku system is telling us that SMPH is not totally in a downward trend as Tenkan Sen is hovering over Kijun Sen line. Observe also that if price will move up this week then we will see Chikou Span to show bullish signal.

Daily: On daily chart we notice that the traders of SMPH has not decided yet where they want SMPH to go. Notice the last two doji candlesticks which means that buyers and sellers are in equilibrium. In addition, SMPH may have just bottomed out at this level.

Caveat!

Leave a Reply