SMPH establishing new support level. Will it hold?

SMPH has awaken last week and so far it is moving up, of course with some headwinds and after 4 days of trying to break the 15.52, the price is now hovering above it. This will be our newly found support. There is a chance this will be tested in the coming days but once it prove to be strong then we will see SMPH continue to rise and hit our Kijun Sen line (weekly chart) at 16.86 per share. It has been few weeks now since we saw this Kijun Sen line moving horizontally at that level.

RSI or Relative Strength Index is currently at 73 which means the stock is now overbought.

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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