SMRT Corporation Ltd Technical Analysis
- From the first chart, SMRT is currently consolidation at the yellow zone.
- History has shown that the price bounced 4 times after consolidating at the yellow zone whereas price dropped 2 times after consolidating at the yellow zone. Thus, probability of bouncing up is higher.
- There seems to be a double bottom (Adam and Adam) pattern in formation and the measured move is the green zone.
- The second chart shows a declining in volume, with price slopping upwards which is a good sign of pattern in formation.
- I could only think of rail refinancing as the main catalyst for the breakout. In the long term, crude oil price shall remain low and this should be a supportive factor for price to move up as well.
- Patience investors would be rewarded
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