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Tuesday, July 16, 2013

Sembmar Hit its Major Resistance

Sembmar(SMM) added 8c closed at 4.55 today. Rebound back to its major long term downtrend line--since 2011 historical high. It has never been violated so far. Refer to chart below:

 On the other hand, a closer look at its recent price action, it seems forming a double bottom formation( NOT yet confirm), if double bottom formation confirmed, the first target price is 4.83. To confirm, it needs to close above neckline 4.55 and also broke above its major downtrend line at 4.6.

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