Silvercorp Metals Inc (SVM)

[123tom]

SVM intraday picture ....


support/resistance levels.
looks like the 3 dollar line is the main target area, I expect a bounce down from it, to retest the support lows, but holding at 2.80-2.85 area, as a "bullish" step to hold in a possible rally bounce. The rally,if we get one, would have strong resistance above 3 dollars ,around the 3.20-3.35 area. The ultimate target I'm looking at in the current cycle is the 3.40-3.55 area, a shoulder zone,which amounts to a bearish bounce from the 2.70 "bottom zone", since the larger chart picture has SVM with topping zones at 4 dollars and 4.50. (not shown here) so a topping resistance area now, in the 3.45-3.60 area is what I'm seeing on the larger chart. This chart here, is the bottom zone bouncing to test 3 dollars. a critical first wave ,that needs to break thru 3 dollars eventually, if its going to develop upward movement from this 2.70 "Bottom zone" This kind of bounce ,needs to reach the resistance 3.30 area to make a good show of the rally wave, because from there, it can pull back half way, to craft support AT the 3 dollar line. That would be the bullish looking wave structure in this pattern if it happens.