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Samsung Probes Key Resistance, Bulls And Bears Build Their Case

ByMatt Simpson
Published 18/09/2019, 17:43
0593xq
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Samsung (LON:0593xq) has seen an intraday break of key resistance, yet volumes are low and bears may have a case to make. Whichever camp you’re in, keep a close eye on price action around current levels as it could pace the way for a sizable move in either direction.

Bullish clues:

  • Trade tensions between US and China have thawed (for now)

  • A multi-month, inverted head and shoulders could be close to a breakout

  • Bullish momentum has erupted of late, heading into key resistance (the neckline)

  • A small bullish hammer marks a clear swing low beneath the neckline

    • Bearish clues:

  • Trade tensions between US and China could return (although this will likely be October if they do)

  • Samsung (LON:0593xq) has underperformed relative to the Semiconductor ETF (SOXX) this past year

  • SOXX resides below key resistance after an already solid run (will resistance hold for the sector?)

  • Today’s intraday breakout has been seen on low volume. A breakout on low volume (or series of bearish candles which revert beneath the breakout level) could be used to warn of a bull-trap

    • "Disclaimer: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient.

    Any references to historical price movements or levels is informational based on our analysis and we do not represent or warrant that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, the author does not guarantee its accuracy or completeness, nor does the author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions."

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    Samsung Probes Key Resistance, Bulls And Bears Build Their Case

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