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SMCI Approaching Resistance

Written By: ChartChamp

October 16, 2024

SMCI is starting to gain some bullish sentiment on Twitter. There has been a rebound around $38, and SMCI is approaching two key light blue trendlines that give a range between $52 – $57.50. I think there’s likely to be resistance in this zone, but if SMCI manages to break through this zone there could be some upside. There is an ongoing SEC and DOJ investigation about SMCI’s accounting practices so I would definitely be very cautious here. If SMCI is accused of any wrongdoing the stock could continue tanking.

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