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.
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Last
71.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $97.52M |
Open | High | Low | Value | Volume |
71.0¢ | 71.0¢ | 68.0¢ | $13.94K | 19.84K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1061 | 68.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
71.0¢ | 16598 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 5000 | 0.670 |
2 | 30666 | 0.665 |
3 | 45972 | 0.660 |
3 | 16500 | 0.650 |
1 | 10000 | 0.640 |
Price($) | Vol. | No. |
---|---|---|
0.710 | 16598 | 1 |
0.715 | 12121 | 1 |
0.720 | 24473 | 2 |
0.725 | 30000 | 1 |
0.730 | 13487 | 1 |
Last trade - 16.10pm 23/08/2024 (20 minute delay) ? |
SMN (ASX) Chart |
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