SM Investments Corp. (stock symbol: SM) continues its decline but has distinctly slowed down since its November drop. A downsloping channel is maintained as the stock keeps an affinity with the 700 psychological level. Today, price continued to trade in a very tight range above 700.
The Money Flow Index (MFI) indicator has moved up and is looking to break the 50 level in the near term.
SM’s price action shows no indication of a bottom yet, hence you should be careful in buying this stock. 700 is a crucial area to watch, a break of which could incite more selling pressure.
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