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


Robert Norman

Phone: 0428 346 951

Sorry, this website uses features that your browser doesn’t support. Upgrade to a newer version of Firefox, Chrome, Safari, or Edge and you’ll be all set.