SMM (technical)

SMM: the technical indicators suggest that a near term bounce could take place, with RSI, Stochastics and MACD showing signs of reversing upward. In particular, RSI has just emerged from oversold levels. Initial resistance at $4.73, support at $4.40, with the range coinciding with the key Fibo levels. Nevertheless, the macro backdrop continues to be murky, with Europe to dictate the broader market direction still. Expect volatility to persist. Traders who are long should observe a stop loss at $4.40.