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snour
Jan 12, 2024 11:28 PM

SPMD should rebound and target 0.655 after beating resistance Long

EGX:SPMD60
SPEED MEDICALEGX

Description

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1-hour chart, the stock (Speed Medical, Egypt) is trading in a falling expanding wedge pattern, and is getting into technical indicator RSI buy area.

The Ichimoku chart signals a change to up-movement.

So, the higher probability is a rebound to the resistance line. After crossing up, the target will be 0.655

Trade active

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Exactly.. tested the resistance line. We need some more power to cross up.

Trade active

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The stock crossed the resistance line, then a re-test back should happen before going upwards to the target
Technical IndicatorsChart PatternsegxSPMDIchimoku Cloud
Comments
ICHIMOKUontheNILE
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You don’t trade in the cloud, it’s plunging … the senko San B is flat & chiko is looking down to Mother Earth. Tenken sen is higher than kijun sen .. this is resting time .
snour
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@mohamed_a_mahmoud,
Thank you for your input. I appreciate it.
snour
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@mohamed_a_mahmoud,
Luckily, the stock made 15% since the publication of this idea. And, hopefully the target will be achieved.
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