STM Chart, page-22

Two resistance lines on the below chart - one being from middle of 2022 and shows we need to crunch 3c to break this longer term resistance, but more immediately, we have broken through the resistance line in place since Dec 2022.



I think this is a technically important movement for the following reasons:

1. The resistance line was technically "strong" - STM has moved lower from that line on no fewer than 5 occasions (I am counting the Nov 2023 weakness in that lot).
2. Has been a decisive break - has broken through decisively and maintained that break of resistance.
3. The recent bottom coincided with a MACD divergence. Although Jan 2024 was a lower low than Oct 2023 on the price chart, on the MACD it was a higher low (see the MACD trend line drawn in blue). I always look for this MACD divergence as a strong trend reversal signal and that is very clear in this instance.

So next stop is the high 2c level to test the longer-term resistance line. A decisive break of that would signal a much larger trend change and significantly higher prices (maybe back to double digits!).