sm chart as of 02 aug 2013
(click on the chart to enlarge)
remarks:
1. sm holders sold down the stock today ... gapping down @the open @ 910 ... then going even lower ... breaching its 900 peso psych support ... and closing @its intraday low of 879 .. after the announcement of a private placement of primary shares to investors @a price of 900 pesos per share ...
2. both the macd and sts gave sell signals today ...
3. the next supports are: the 850 psychological support and the lower bound of the current trading cycle @ 838 ..
4. im no practitioner of the "catch falling knives" cult ... im more of a follower of the church of the "line of least resistance" .. and at present the line of least resistance is down ...
5. ill just be monitoring sm for now ... (altho i bot a miniscule oddlot position yesterday .. which i wont sell anytime soon) ...
for an explanation of the indicators ... click: here
for reference .. you may also want to read: my trading rules
