SIMO: Recovery To All Time Highs?
Fibonacci: It appears to have bottomed up and rebounded from its .
Indicators: Momentum divergence of and is supportive of the analysis.
Look for a conclusive break above the for a high confidence trade.
If the expanded FLAT is indeed completed, look for upside northwards of $56.21.
Any break below its low at 37.37 will invalidate this trade and indicate other options.
Prices are moving in the anticipated direction.
Watch for strong break of trend channel to confirm breakout to near term high at $56.25 and beyond.
Break of Critical Support will invalidate this analysis.
Watch for a retracement test of the criticial support (Dotted Red).
A successful retracement will result in upward price target of $56.21 onwards.
A break of this critical support will invalidate this trade.
Trade at your own time and target.