Resumption of LT trend on SMDS

Recent promotion to FTSE 100 and a spate of good news and results pushed SMDS to new heights and since year-end results profit takers have corrected the share price. Oiutlok for this share is bullish based on recent market news and the same heights will undoubtedly be re-hit in the near future.

Trend reversal in early June was indicated by the double top and expect to see a resumption into the long-term upward trend within an established band with the direction of short term volatility being indicated be the 20 & 100 MA

Look for an entry point @ 482 with and option to top up if the price reverses tot the bottom of the channel @ 455. Stop below the short-term support @ 427.
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