SMPH has awaken
SMPH broke from the triangle and continue to move up and reach the 23.6% Fibonacci Retracement level. SMPH has been consolidating inside the triangle for so long. Will it still have the energy to move to the next level? I think SMPH will be able to reach around 15.41 – 15.52 before it will correct. The range is based on the daily and weekly chart. In case price will correct at this time, I think 14.98 will be strong enough to support the price. If a bearish candlestick will soon form somewhere near the 15.52 area then the flat top Kumo may pull the price back to earth.
By the way, Kijun Sen line is still moving horizontally at 16.86 (weekly chart).
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