SMPH's recent breakout from a Downward Price Channel consolidation has already hit the base of the projected target price around 31.4~31.5.
*Immediate resistance is also around 31.4~31.5.
On the bigger time frame, SMPH is potentially forming a bullish Cup-and-Handle pattern where a breakout could also potentially send the price towards 37.
Trading Plan
- Scale down position or take some profit if trading the Downward Price Channel breakout. Profit run the rest with appropriate trailing stop.
- Monitor the Cup-and-Handle pattern for a potential position trade.
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