SMC
SMC had tough time last week. The bears were successful last week of preventing the price from moving further as trading was always closing lower than the opening price. During the bearish trading last week, it was somehow able to form a support at 50. However, a resistance was also formed at 51.50. So we could say that it is currently consolidating and moving side ways. Checking on the indicators, the MACD has crossed above the signal line, which is bullish. The RSI on the other hand still looks good as it is still below the centerline of 50, which means the recent bearish week is not yet the end for this stock and that it is just taking a breather from the recent upward move.
JFC
JFC had a very bullish start last week with the stock opening higher than its previous week’s close, reaching 52 before closing at 51.50. The rest of the week was characterized by bearish action topping with a sign of indecision on the last day as price opened and closed on the same level. The stock may further consolidate next week, as it is currently in between the 65 and 130 day MA. Sideways consolidation is actually good for the stock at this point as a breather from the recent upward move. Still watch out for the possible inverse head and shoulder formation with resistance at 54.
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