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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