SMRT

The stock which many love to hate may finally be showing downside respite with its weekly chart forming a bullish falling wedge. Its now basing around the 38.2% fib extension, & the May 2012 low of 1.62 may be strong support as there’s also a long term support trend line there too. Short term resistance/support is 1.72/1.67 & its daily chart is trying to form an ascending bull triangle. It has to break out & stay above 1.74 to show strength to commit on the upside with a mid term resistance of 1.80 at the 50% fib extension.

This Friday is the US stocks triple witching so usually post that stocks are positive, but the post New Years’, the outlook is difficult to say the least because right now, the market is expecting the US fiscal problems to be resolved…

SMRT181212

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