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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