Technical Commentary – SBM (St Barbara Limited)
SBM has formed a textbook double bottom pattern, confirming a bullish reversal from prior downtrend conditions. The price action has since broken above neckline resistance and is now trending within a well-defined rising channel, supported by increasing volume and aligned moving averages.
The stock is currently targeting the next major supply zone around 44c, where a previous gap remains unfilled. The recent wave structure suggests a classic Elliott Wave impulse, with the current leg aiming for wave (5), coinciding with this resistance level.
Short-term momentum remains strong, with bullish alignment across the 20, 50, and 100-day moving averages. A break and close above 44c may signal a continuation toward higher resistance zones established in late 2023.
Key Levels:
Support: 33c–34c (previous resistance turned support)
Resistance: 44c (gap fill target)
Trend: Bullish above 30c
SBM has formed a textbook double bottom pattern, confirming a bullish reversal from prior downtrend conditions. The price action has since broken above neckline resistance and is now trending within a well-defined rising channel, supported by increasing volume and aligned moving averages.
The stock is currently targeting the next major supply zone around 44c, where a previous gap remains unfilled. The recent wave structure suggests a classic Elliott Wave impulse, with the current leg aiming for wave (5), coinciding with this resistance level.
Short-term momentum remains strong, with bullish alignment across the 20, 50, and 100-day moving averages. A break and close above 44c may signal a continuation toward higher resistance zones established in late 2023.
Key Levels:
Support: 33c–34c (previous resistance turned support)
Resistance: 44c (gap fill target)
Trend: Bullish above 30c
交易進行
Trading halt, negative new, can derail this momo traDE
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