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SMCI Continues to Selloff from Financial Fraud Accusations

Written By: ChartChamp

November 6, 2024

SMCI continues to nosedive as investors have lost trust in their accounting practices and financial reporting. SMCI has lost support at the light blue trendlines, and this support has flipped into an area of resistance. Despite beating earnings SMCI continues to selloff and nosedive lower. I have the yellow trendline as a key support level of interest around $11.21. It’s possible SMCI bottoms out there, and SMCI would need to regain investor trust to see any upside. SMCI has been accused of fraud in the past and has managed to recover. So it is possible for the company to make a second comeback.

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