SMN - Chart, page-3267

1. Trend: The chart is in a clear downtrend, indicated by the series of lower highs and lower lows. The trendlines (both downward sloping) reinforce this. But Justbob will disagree as he thinks its in an uptrend. lol

2. Moving Averages: SMN trades below moving averages, 200sma, 50 sma and 20ema, which generally indicates bearish sentiment.

3. Support and Resistance:

   • Currently testing a support level around the 0.340 mark, with a previous support level around 0.301.
   • There is a significant resistance level around 0.386 and another one higher up at 0.469.

4. Volume: The volume bars at the bottom show relatively low trading volumes recently, with no significant spikes that could indicate a strong reversal signal. however, SMN trades on low volumes.

5. Candlestick Patterns:

   • There is no clear reversal pattern visible (like a bullish engulfing or hammer).
   • Recent candles show indecision, with small bodies and long wicks, suggesting a potential pause in the downtrend but not a clear reversal. As I stated in the end of week post, expect consolidation.

Opinion:

• Bearish Sentiment: The overall trend remains bearish due to the lower highs and lower lows and the stock trading below its moving averages.
• Reversal in Play?: There is no strong indication of a reversal at this point. The support level around 0.340 needs to hold, and the price needs to break above the moving averages to start considering a potential reversal. Watch for higher volumes and a break of key resistance levels (especially around 0.386) for confirmation of any bullish reversal.

In summary, the chart currently suggests a bearish outlook, with no strong signs of a reversal at this moment. However, close monitoring of support and resistance levels, along with volume changes, is essential for identifying any potential shift in trend.