SMN - Chart, page-7

Just looking from a different perspective the daily chart of the last 3 months reflects  that volume have dropped off for the last month  as high lighted by the black rectangle  firstly imo there is no real selling pressure  if compared with red circle period in early Jan 16.  The price  as it move sideways  drifts lower as their is no urgency in buying reflected by low volume  on the up days and as sellers become impatient (mainly retail I think) they mark price down /accept lower bids in order to  expedite the move to the next opportunity.

I would like to think we are at the lower end of the support region hence it is in the buy/accumulation zone as there is no signs of a major player keen to exit which make sustained price action below  1.20 highly unlikely . In my view  this share needs news to drive the price and in the absence  thereof it will  oscillate between 1.20 and 1.60 ( it will be nice to get above 1.40 again as first step).  I find it difficult to get my head around for when the next breakout will happen all  I have noticed is  when it happens it is abrupt/explosive due to the tight liquidity.

So if one believes that the probability of very positive news events outweighs that of  negative news  events and that one cant predict when the news events will happen then one needs to  be patient, accumulate on the dips if one is in the position to do so, as on the first indication of  a firm revenue  stream ( ie MOU/contract signed) the share will be rated beyond the recent high.  Sorry for the long  ramble  but as much  as I believe in TA for the moment it provides limited assistance in trying to figure out the next major move.   GLTA