SM Investments Corp. (stock symbol: SM) bulls failed to take the opportunity to bring price higher since my last post. The stock has been trading between 680 and 730 for the most part of the last three months, and so far there is no clear indication that this is about to change.
Bears successfully hampered all attempts at higher prices since late-December. Will they be able to do it again this month? Or will bulls bring SM higher this time?
SM needs a break of one side of the 680-730 range to ignite activity between sellers and buyers. 750 is only a minor resistance that bulls need to hurdle. Beyond that, and assuming 700 supports, we can talk about 800 and the area at 850-870.
The Money Flow Index (MFI) continues to climb and is now above the 50 line.
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