SMPH still fighting. Did it create a higher low last week?

It has been a rough week for SMPH as it fell by 4.5% and shaken the bulls. The daily chart is showing some bullishness when we saw a Homing Pigeon formation followed by a green candlestick. Although the green candlestick is not high enough, it has made a weak bullish signal as it cross the Kijun Sen line. It also look like SMPH is developing an upward trend with the higher low last Thursday. This is a good sign but just be careful because it is still at an early stage.

Chikou Span is also showing a green light as it move above the price 26 periods ago. A close above 15 will retain Chikou Span’s bullish out look for this stock.

On weekly chart, we could still see the Kijun Sen moving at 16.86. This is still our target until this line will bend and its power to attract the price will become weak.

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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