Weekly: Failed reversal pattern on SMPH?

Weekly: Looks like we have a failed reversal pattern this week as we saw a long red candlestick after the Doji. Notice that the same candlestick appears last August that signaled the bounce but this time instead of price going up, it went down. Ichimoku system is also showing bearish signals except for the retained neutral bullish signal a couple of weeks ago.

Daily: The red Hammer candlestick seen last Friday may trigger a reversal but since it is a red one and hammers are not strong reversal pattern, we need a confirmation via a long green candlestick or a gap up. In case there will be a bounce, I don’t think it will last a week. Just like almost all stocks this time, Ichimoku is saying SMPH is in a downward trend.

Caveat!

2 Responses to Weekly: Failed reversal pattern on SMPH?

  1. […] Last week we saw a failed reversal pattern on SMPH and SMPH continued to move south after that. The recent development is quite interesting as we […]

  2. […] Last week we saw a failed reversal pattern on SMPH and SMPH continued to move south after that. The recent development is quite interesting as we […]

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