SGM has fallen back to trend and may rise from this resistance as it has on several previous occasions showing good short term profits. The alternative view is that price is at a Fibonacchi extension of Elliott Wave 1 that suggests the current retracement will continue to break below trend. Not a trade for the fainthearted.

SGM 28May21

12 March 2021

SGM has moved up strongly to recently retrace a little and move up again. Should it break and close above resistance at $14.50 it has a potential target of $16.94. Having risen strongly over recent months there is the possibility it could be 'running out of puff'.

SGM 12Mar21

18 December 2020

SGM powered through the $5.52 target mentioned below but after such a stellar rise looks to have hit resistance and may pullback/consolidate. 

SGM 18Dec20

23 October2020

SGM is an old favourite that, despite having been in a long-term downtrend for 12 years, has short/medium term uptrends that have proved to be trading opportunities in the past. One of these may be under way at the moment. Price is in a medium-term uptrend. It isn’t possible to draw a valid weekly downtrend line (so no break of same to provide a buy signal). March saw a 20 year low and while you can never be sure that was the bottom,  a break below $9.25 support earlier this year gave a target of $5.52 – which turned out to be exactly the March low (you have to love charting when it tells you things like this!). That prediction was just for a low, not necessarily a bottom, so caution is required.

SGM 23Oct2020

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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