TA on Smith(DS) - SMDS

Sparky

Junior member
29 0
I have been looking through the charts on my watchlist and noticed some possible interesting points on the chart for SMDS,which I thought that would pass on to those who may be interested.

This share is in a long gradual upward trend, since mid jan'99,it has been making higher lows and making an excellent trend line support level as it moves then retraces.The major support level is around 138 level.

However from 13/10/00 to now,the share has been channeling in a new short term range, still above its major support.This new upward channel has its support at around 148,which has been hit twice recently and the share has formed a double bottom,still making higher lows.

With other key indicators also looking positive,(RSI moving up,MACD turning positive ,the short term MA looking as if they will shortly cross, long term MA moving up and price close above short term MA.)This share may possibly move higher towards its resistance level,a price of around 180.

A higher close tomorrow will add coformation of a price move up, as this will show a two day close above STMA and enable the price to break out above a short term downward trend line within the channel.
 

ChartMan

Legendary member
5,580 46
I agree with most of that, but I think it's going to struggle @ 153.If it passes that, then it'll go to 180 no doubt.
 

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