If you look at the weekly chart the lowest point for the stock was in Nov/Dec of 2012. Since that time the stock has made a series of four higher lows, and if $9 holds on a weekly basis this will be the fifth higher low. Things looked pretty dicey there with the close yesterday at $9.04, so it is definitely encouraging to see a buy signal get generated today and a close at the high of the day.
If we get follow through on Monday and next week, I think the chances to buy in the single digits won't happen again.
The key levels to watch to the upside are $10.50 (200 day), $12 and $14. Once $14 breaks on a weekly basis this will become a momo stock as shorts will start to get squeezed. We'll see, but my gut says that this stock will finally start to pay off for the patient longs on this board.
No worries. Today's action is encouraging, but I want to see a close above $9.40 on good volume and follow through next week. If that happens then a run to the 200 day @ $10.50 should happen.
Yes, but unfortunately the stock reversed before the close that day and has been trapped under the downtrend line and 20 day ema ever since. It was premature on my part to call that a breakout before the close. It is what is it, and you have to reassess as a pattern develops. Now that the stock is at the apex of a descending triangle we won't have to wait long for the next direction to be determined.
It's right at the apex of a descending triangle, which is a bearish pattern, so whether it breaks down or reverses higher should happen in the next day or two. A close on decent volume above the 20 day moving average ($9.38 today) is bullish or a close below $9 is bearish...very simple.
A weekly close below $9 would be discouraging since it has been trying to build a base for several weeks. I can see it testing $8 again if support at $9 breaks.
Dude...there is no volume until the chart improves. The majority of volume is in stocks that are in strong uptrends or are breaking some technical resistance (trendlines, moving averages etc.). Until the stock decides what it wants to do there will be relatively low volume. Why is that so hard to understand?
As long as the stock doesn't close below $9 on a weekly basis all is well. It's just putting in a base now that should hold. I honestly think it will start to rally soon, and $10.50 looks like a layup. $14 is still the key level to break...once that happens (maybe later this year) it should finally rip hard.
There are just too many stocks with better charts and momentum for anyone to bother with SZYM now. Once it decides to join the party the momo/chart guys will push it higher.
Not sure about a gap up, but today was a decent follow through day, so the trend is likely changing. The 50 and 200 day moving averages are around $10.50, so that is a likely magnet price level.
The difference today is that the stock is currently above a downtrend line that goes back to June. The key will be if the stock can close strong today. Need to watch the price action at 2:30-3:00 for signs of an acceleration higher.