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54.5¢ structural monitoring systems plc

Technical charting, page-3

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longreach

4,612 Posts.

1815

21/02/20

02:45

Post #: 43060283
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Originally posted by JUSTBOB: ↑

If the unthinkable happens & the share price comes under pressure as a result of further delays in obtaining approval, a technical bottom could provide an excellent entry point to add to existing positions.

The November 1 high of $1.165 to the next low on November 26 of $0.87 is 29.5 cents. Call this 29.5 cents move an A wave.

The B wave from $0.87 to the December 12 high of $1.12 is 25 cents.

The anticipated C wave is often 1.618 X the A wave. In this case 29.5c X 1.618 = 47.73 cents.

Deduct 47.73 cents from the B wave top of $1.12 & the answer is 64.27 cents.

The 64.27 cents coincides with the June 28 low of last year of 65 cents.

I would suggest that the 65 cent area would be an excellent area to make a positive increase to your holdings.

I am not suggesting that the share price will get there but if it does then you should be able to buy with a certain amount of confidence.

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"The anticipated C wave is often 1.618 X the A wave."

Why? Is that for all shares?

And so because you apparently follow charts and wave patterns so rigidly, does that mean you have sold out in anticipation of this "supposed" drop to 64.27 cents?

SMN Price at posting: 79.0¢ Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

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(20min delay)
Last 54.5¢		Change -0.005(0.91%)		Mkt cap ! $74.86M

Open	High	Low	Value	Volume
56.0¢	57.0¢	53.5¢	$19.79K	35.23K

Buyers (Bids)

No.	Vol.	Price($)
2	45555	54.0¢

Sellers (Offers)

Price($)	Vol.	No.
56.5¢	10540	2

View Market Depth

No.	Vol.	Price($)
2	45555	0.540
1	30000	0.510
1	17391	0.460
1	40000	0.450
1	5600	0.420

Price($)	Vol.	No.
0.565	10540	2
0.575	5000	1
0.585	30000	1
0.590	5000	1
0.600	24366	3

Last trade - 15.56pm 17/07/2024 (20 minute delay)

SMN (ASX) Chart