SM Investments Corp. (stock symbol: SM) bulls have been unable to push through the 800 level for nearly one month now.
A little over 4 months ago, April 6 to be exact, I talked about the possibility of SM reaching 800 and beyond. So far, price had reached a high of 834.50 in late-July.
I would like to see buyers take control of the 800 psychological level. Then they must push through the resistance area at 850-870. I prefer not to see moves toward 750, a break of which could bring SM back to 2014 lows.
The Moving Average Convergence Divergence (MACD) is still bearish. It could turn anytime soon if buyers can get past 800.
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