SMPH may spike up to 50% Fibonacci Retracement level

SMPH went up by 4.9% this week bouncing from the 78.6% Fibonacci Retracement level as seen on our weekly chart. The immediate resistance would be the 15.84 which, based on recent history there is no action at this level. This may be easily broken by the bulls.

Based on Ichimoku, SMPH is still in a downward trend. As you can see our Kijun Sen is moving above the Tenkan Sen line and Chikou Span moving below the price action plus we are still below the Kumo. These elements are all saying SMPH is still in a bearish mood so this spike is considered short-lived.

Notice that the Kijun Sen line is moving horizontally at this time. This may attract the price to come near 16.86 We need to monitor this line and once it is bent, the power to attract the price will disappear.


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