About time I posted a chart on this chart thread. I liked the Drake placement, at 52 plus options, and it seems so did some others. I treated it as a vote of confidence by our largest shareholder.
The daily charts, (while I am not getting carried away) are showing the first signs of a glimmer of hope for a long time.
Here is my reading of the chart below.
* We seem to have formed an inverse head and shoulders pattern shown by using the purple V's. (a bullish signal)
* The SP has broken out about the pink dotted line which has provided resistance. It's the first higher-high for a long time and that supports the higher-low formed by the right shoulder. (a bullish signal)
* Daily MACD has been positive since early Dec and RSI(5) is strong. (purple ellipses) (a bullish signal).
* finally there is the potential for a C&H formation (if Boeing finally get off the arses) then that news could take us up to around 70 where the handle could form while waiting for FAA approval. C&H formations don't form from bottoms , but the cup bottom is well above the 34 low set back in June.
So my reading of this chart is that we are seeing the first signs of a potential overall trend change. ( bullish ).
cheers Lies
SMN Price at posting:
50.0¢ Sentiment: Hold Disclosure: Held
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