Market

Down to yearly levels, Can this stock see a recovery going ahead? Smith and Nephew stock price analysis.

  • Currently trading at its 6 month low, Smith and Nephew charts show possible downside ahead causing a problem for the investors.
  • Smith and Nephew stock trades near a strong support creating a sense of fear in the market.
  • Earning reports too were flat causing no change to current trading patterns.

Smith and Nephew is a company engaged in the manufacturing and sales of various medical equipment with offices in various countries across the world. The company was founded in 1856 and is headquartered in the UK but has offices across the world. The company has stable financials and has been cash flow positive since the past 6 financial years. Fundamentals currently look fair but they have been stronger in the past.

Down to yearly levels, Can this stock see a recovery going ahead? Smith and Nephew stock price analysis. Down to yearly levels, Can this stock see a recovery going ahead? Smith and Nephew stock price analysis. 

Technical analysis for the stock-

Smith and Nephew stock saw a bull run with its price rallying almost 300£ between January and May. The stock saw strong rejection from 1300£ levels. Which is also a very strong resistance for the stock currently.

The stock faced rejection from that level and saw a sharp selling post that which led to the price slumping to 1100 £ levels. 

The stock currently trades at a very crucial support and even the slightest of negative sentiment can lead to a bigger price slump. 

As we look at a smaller time frame, we see a bear flag kind off formation. With the price consolidating after a big fall. If this pattern is respected. We can see the price moving to even lower levels with 1060£ as the next support and target as well.

Technically, the chart currently looks week as buyers are not showing any interest 

into the stock currently. Most of the indicators currently predict more downward movement in the upcoming weeks for the stock.

For someone willing to enter long, they should wait till the price comfortably settles and there is no more space for bearish movement in the stock. If the price sustains at 1060£ levels, they can be a good entry for buyers.

Current upside targets for the stock are 1125£ and 1150£ and these have been resistance points in the past few days and must be breaches do as to confirm a breakout.

Even though currently the stock looks slightly negative, analysts predict the price to cross 1350£ within a year. Which is a huge upside from the current levels.

Conclusion:

In conclusion, the stock can be a good option for the traders as high volatility is expect in the near future. The stock will itself show good buying levels for long term buyers. But they need to be patient and wait for 1-2 months at least before entering. 

Major technical levels-

support – 1100 .

resistance – 1150 .

Alena

Recent Posts

BlockDAG And Best Wallet Presale Participants Receive Free Skyren DAO Airdrop

Token airdrops have historically introduced investors to new blockchain projects. However, many distributions fail to…

2 weeks ago

Skyren DAO Token Surge Event: Remittix And Lightchain AI Communities First To Benefit

Airdrops have traditionally been used to introduce new investors to blockchain projects, but their effectiveness…

2 weeks ago

Bitcoin ETF Approval? Old News. Here’s Why Skyren DAO Could Outperform BTC 10-fold

The approval of Bitcoin ETFs was one of the most anticipated events in crypto history,…

2 weeks ago

Qubetics And Rexas Finance Holders: Claim Your 500 Free SKYRN Tokens Now

The blockchain space continues to evolve, with projects pushing security, scalability, and user engagement to…

2 weeks ago

Cardano Skyren DAO And Remmitix Potential Highlighted As Market Optimism Rises

As the cryptocurrency market recovers from recent volatility, several projects emerge as strong contenders for…

3 weeks ago

Cardano And Litecoin Ready To Rally: Analysts Predict 10x Gains For This Newcomer

The cryptocurrency market is showing strong bullish signals, with many altcoins poised for significant gains.…

3 weeks ago