Despite the huge 344 point (2.99%) drop in the US market last night, there are still a chosen few that went up today and that's SMCB. Looking at SMCB's 20 year chart in the first picture, it can be seen that it's consolidating around it's major support at present. However, can it be said that it's already bottoming and about to bounce up or is it still going down? That we don't know but if we look at the shorter timeframe of SMCB's chart below the first one, a rectangle can be spotted right away as indicated by the 2 red horizontal lines. The price is consolidating around the resistance (topmost red horizontal line) of the rectangle as of the moment and is possibly trying to breakout from its area pattern (rectangle). An ideal entry for this is when the price pierces thru its resistance line. And if it does, the immediate target price would be 57.5 if everything goes well. Click image to enlarge!
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