SMPH keeps falling after hittin the resistance

After we saw the rise of SMPH last Thursday, it has been falling since then and is currently trying to find a support.

Current candlestick does not show any bullish pattern which tells us that SMPH might continue to correct and fall back to 14.10 The possible rally to 16.86 (where Kijun Sen line on weekly chart is moving horizontally) has been compromised. Although it is still moving horizontally, it is very important to monitor this stock regularly because if the line will bend, its power to attract the price will be lost.

If tomorrow it will show some bullish candlestick pattern then it might create a higher low, if not then it will be back to 14.10 From there we will see the sentiment.

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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