SMPH establishing new support

SMPH continue to move up and has closed above the 23.6% Fibonacci Retracement level. This is our newly found support. Although Ichimoku elements are still in a bearish setup, we are looking at 16.86 as our target price for SMPH. This is because we have seen Kijun Sen line moving horizontally at this level. This line has the tendency to attract the price as long as it will not change direction. It also coincides with our 50% Fibonacci Retracement level. So for those still holding this stock, you may hold it unless we will see our support broken.

RSI or Relative Strength Index is at 54

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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