SMG Closing in on .786 Fib Support

SMG (currently $117) is reporting earnings in the near-future and will be one to watch as it approaches both the .786 fib and 2019/2020 accumulation/distribution levels. A rally likely takes price back to resistance at the .618 fib where it will also contend with upper line of the down channel. Above these and the initial upside target looks like $150-155. Scaling-in and looking to hold as risk/reward seems favorable at 1:2.

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This is not investment advice. Do you own due diligence.

Kommentar:

Remains in down channel/trend and needs to hold above $75 support. Otherwise price action may want to test long term support around $57. Would be hard not to own this as a long-term value play.