Last time Smith & Wesson traded to this price level, it resulted in a 15% move higher in the stocks chart.
The recent price motion was thought to be in a flat correction shown in this chart, however todays trading broke the flat correction support level.
The analysis for support at the internal wave 1 of wave 3, price point 3.63, is now in play if the trend can continue higher. Todays trading reached for that price point, with a low of 3.67.
There was a comment on the news this evening discussing how gold is in a correction, “…no one is clambering for guns and gold anymore”. This is obvious due to the severe positive sentiment in the markets. If any value could be given to clever phrases, a contrarian indicator to this correction may be if Smith and Wesson were to trade higher from here.