If the unthinkable happens & the share price comes under pressure as a result of further delays in obtaining approval, a technical bottom could provide an excellent entry point to add to existing positions.
The November 1 high of $1.165 to the next low on November 26 of $0.87 is 29.5 cents. Call this 29.5 cents move an A wave.
The B wave from $0.87 to the December 12 high of $1.12 is 25 cents.
The anticipated C wave is often 1.618 X the A wave. In this case 29.5c X 1.618 = 47.73 cents.
Deduct 47.73 cents from the B wave top of $1.12 & the answer is 64.27 cents.
The 64.27 cents coincides with the June 28 low of last year of 65 cents.
I would suggest that the 65 cent area would be an excellent area to make a positive increase to your holdings.
I am not suggesting that the share price will get there but if it does then you should be able to buy with a certain amount of confidence.
Technical charting
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Last
42.0¢ |
Change
0.010(2.44%) |
Mkt cap ! $57.69M | |||
| Open | High | Low | Value | Volume |
| 42.0¢ | 42.0¢ | 42.0¢ | $23.16K | 55.15K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 55000 | 40.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 42.0¢ | 25834 | 2 |
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| Last trade - 12.19pm 04/07/2024 (20 minute delay) ? |
| SMN (ASX) Chart |