The one and only time I ever blogged about SMRT’s stock was in January 2012. Back then, I said that the downtrend was intact and that we could see the share price go lower. That was really a reading of the short term charts. Nothing could have prepared me for what I see today.
SMRT’s share price is breaking every single support level and I won’t be surprised if it should test the next support at $1.035 soon.
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If Maybank Kim Eng is right, SMRT’s stock is now only worth $0.60 a share and they arrived at that target price using a PE ratio of 14x. So, even at $0.985 a share which is another support level, SMRT’s stock is way too expensive. Yikes!
In the short run, there could be a bounce in the share price as I see higher lows in the momentum oscillators. Selling …