Two calculations reveal the same support level.
1. It would appear that SMN price chart has completed a 5 wave move from $0.86 to $1.33. This should now be seen as wave 1 of a higher degree. We should expect wave 2 to be 61.8% of wave 1 ($0.47 x 0.618) = $0.29.
$1.33-$0.29 = $1.04.
2. Wave A of 2 ($1.33-1.18) = $0.15. Wave B ($1.18 - $1.28) $0.10. If wave C is, as expected, 1.618 x wave A ($0.15) = $0.24. Then wave B - wave C ($1.28 - $0.24 = $1.04.
Both calculations indicate that if the price approaches $1.04 then there should be some serious resistance from a technical point of view.
It is after wave 2 has been completed that the usually powerful wave 3 is expected. When you have a 61.8% correction in wave 2, wave 3 should be a minimum of 1.618 times wave 1. This would give us a minimum target for wave 3 of $1.80 based on a $1.04 low. The 3rd wave should be at least $0.76 at the very minimum.
If approval is granted shortly, it will fall in line with what is expected on the chart & the price will explode.
- Forums
- ASX - By Stock
- SMN
- Support level
Support level
-
- There are more pages in this discussion • 61 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add SMN (ASX) to my watchlist
(20min delay)
|
|||||
Last
40.0¢ |
Change
0.020(5.26%) |
Mkt cap ! $54.72M |
Open | High | Low | Value | Volume |
39.0¢ | 40.0¢ | 38.5¢ | $86.35K | 219.2K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 60000 | 38.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
40.0¢ | 2559 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 60000 | 0.380 |
1 | 2600 | 0.375 |
3 | 73500 | 0.370 |
1 | 13698 | 0.365 |
1 | 10000 | 0.360 |
Price($) | Vol. | No. |
---|---|---|
0.400 | 2559 | 1 |
0.405 | 3000 | 1 |
0.415 | 52156 | 1 |
0.420 | 534 | 1 |
0.430 | 13500 | 1 |
Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
Featured News
SMN (ASX) Chart |
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online