SMMT | Descending Triangle Pattern - Watch for Breakout & Retest
Summit Therapeutics Inc. (SMMT) is consolidating within a descending triangle pattern, nearing a critical breakout zone. With price action hovering around the $18.57 support level, a breakout and retest of the resistance trendline could trigger a significant upside move.
Key Setup
Triangle Range: The pattern started at $27.00, with the base forming strong support at $18.00.
Height: $27.00 - $18.00 = $9.00.
Current Price: $18.57.
Trading Plan
๐ Entry: After a confirmed breakout and retest of the descending trendline (~$19.20).
๐ Upside Targets:
Target 1: $22.45
Target 2: $24.35
Target 3: $26.85
โ ๏ธ Stop-loss: Below the base at $17.90 to manage risk.
Volume Confirmation
A breakout above $19.20 with strong volume is essential to validate the move. Watch for price retesting the trendline as new support before taking a position.
Fundamental Insights
Overall, SMMT offers a promising breakout setup supported by strong technical and analyst sentiment. Traders should remain patient and enter only after confirmation to minimize risk. Keep an eye on $18.57 support, $19.20 breakout level, and the exciting $33.33 analyst target.
Remember, this is not financial advice โ always do your own analysis.
๐ฌ What do you think? Will SMMT hit Target 3 or beyond? Let me know below!
๐๐ #SMMT #TechnicalAnalysis #DescendingTriangle #TradingSetup #TradingView
Key Setup
Triangle Range: The pattern started at $27.00, with the base forming strong support at $18.00.
Height: $27.00 - $18.00 = $9.00.
Current Price: $18.57.
Trading Plan
๐ Entry: After a confirmed breakout and retest of the descending trendline (~$19.20).
๐ Upside Targets:
Target 1: $22.45
Target 2: $24.35
Target 3: $26.85
โ ๏ธ Stop-loss: Below the base at $17.90 to manage risk.
Volume Confirmation
A breakout above $19.20 with strong volume is essential to validate the move. Watch for price retesting the trendline as new support before taking a position.
Fundamental Insights
- Recent EPS: SMMT reported EPS of โ0.05 USD, outperforming estimates of โ0.07 USD. However, next quarter EPS is expected to drop slightly to โ0.08 USD.
- Revenue Forecast: Revenue for the next quarter is projected to remain at 0.00 USD.
- Analyst Target: Analysts have set an ambitious price target of $33.33, with estimates ranging from $23.00 to $44.00.
- Also, SMMT has received a "Strong Buy" rating from 6 analysts in the past 3 months, showing strong market sentiment.
Overall, SMMT offers a promising breakout setup supported by strong technical and analyst sentiment. Traders should remain patient and enter only after confirmation to minimize risk. Keep an eye on $18.57 support, $19.20 breakout level, and the exciting $33.33 analyst target.
Remember, this is not financial advice โ always do your own analysis.
๐ฌ What do you think? Will SMMT hit Target 3 or beyond? Let me know below!
๐๐ #SMMT #TechnicalAnalysis #DescendingTriangle #TradingSetup #TradingView
Dagangan aktif
Nota
Target-1 Reached
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.