Sinomem: Forming a Falling Wedge

Sinomem is forming a Falling Wedge and has a risk of breaking down after falling to break the 50D MA resistance (area shaded in green). Critical support at $0.472 which is the wedge support and also 61.8% Fibonacci Retracement Level.

  • Breaking this support will send Sinomem down to $0.223 (also 23.6% Fibonacci Retracement Level).
  • Upside kept at about $0.581, which is the falling wedge’s resistance and also 78.6% FR level.

This Post Has 4 Comments


    Y This sinomem may going down ,the campany earn many money??

  2. Marubozu

    The analysis is base on chart pattern.
    In a bear market, all the fundamental have to be thrown out because everyone is panicking selling the shares or stay in the sideline. It does not matter whether the company is making money or not, the share price will still go down. This is called movement in sympathy.


    can i buy this share 2 keep 6 month is can up?this company is good?thanks….

  4. Marubozu

    Fundamentally Sinomem looks OK. A good entry point at $0.47 as long as the support is not broken.

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