SMG Closing in on .786 Fib Support
Updated
SMG (currently $117) is reporting earnings in the near-future and will be one to watch as it approaches both the .786 fib and 2019/2020 accumulation/distribution levels. A rally likely takes price back to resistance at the .618 fib where it will also contend with upper line of the down channel. Above these and the initial upside target looks like $150-155. Scaling-in and looking to hold as risk/reward seems favorable at 1:2.
Please be sure to hit the thumbs-up if you agree with my analysis. Thx!
This is not investment advice. Do you own due diligence.
Please be sure to hit the thumbs-up if you agree with my analysis. Thx!
This is not investment advice. Do you own due diligence.
Comment
Remains in down channel/trend and needs to hold above $75 support. Otherwise price action may want to test long term support around $57. Would be hard not to own this as a long-term value play.
AlgoTrend Capital LLC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.