Will SM retrace at 61.8% Fibonacci Retracement level?

After the 3-day ascend, is SM going to retrace this time? Candlestick registered today is a Doji which means that after the 3-day ascend, the buyers and the sellers are in equilibrium. Since the Doji is found after the ascend, this may mean that the bears are starting to counter the bulls. For those who are still holding SM should monitor this stock intently and act accordingly. In case the Doji will not be confirmed tomorrow via long red candlestick or gap down, next resistance will be around 787 or 50% Fibonacci Retracement level. Currently we are knocking at 61.8% Fibonacci Retracement level.

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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