Scott’s Miracle Gro (SMG) Long Term Bull Trend
“I like this stock. I think this is going to be a great stock for the spring. I think gardening is going to be back again. Who knew that we’d still be with Covid? And it does well during gardening season, so I’m a buyer.” Jim Cramer, January 6th, 2022.
What is SMG?
SMG, Scotts Miracle-Gro engages in the manufacture, marketing, and distribution of systems and accessories for hydroponic gardening. It operates through the following segments: U.S. Consumer, Hawthorne, and Other. The U.S. Consumer segment consists of consumer lawn and garden business. The Hawthorn segment includes indoor, urban, and hydroponic gardening business.
Other segment refers to the consumer lawn and garden business in geographies other than the U.S. and product sales to commercial nurseries, greenhouses, and other professional customers. The company was founded by Orlando McLean Scott in 1868 and is headquartered in Marysville, OH.
What is the Scott’s Miracle Gro (SMG) Long Term Bull Trend?
Check out the following chart to see support for the long term SMG Bull Trend:
In essence, we see the SMG bull trend begin around the $60 lows in 2018. Buyers really picked up in a big way around $80 during the market-wide Covid Lows. At present, this same trend line is in play around the $115-$125 price point.
Notice a huge profit taking wave from April 2021 at $250 – driving SMG to it’s current $154/share price.
Now, as long as the trend line support hold around the $115 mark, the stock will presumably resume back to the $200 range.
Currently, we’ve been in a period of sideways trading since August of last year. This could continue for the next several months as buyers accumulate and pickup dividends.
Again, we see strong support at $100 and a clear breakout to the $200 range after the 2020 Covid lows.
From both a technical and fundamental perspective, SMG is a clear choice for a long term play.
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