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SPH: Another black candle day.

Friday, May 14, 2010

After doing a partial divestment of my investment in this company at $3.95 on 10 May, the price has been closing lower. This is the 4th black candle day in a row. I was hoping that price would move higher to test the next higher resistance so that I could divest more of my investment. No such luck.

MACD is moving deeper into negative territory. MFI formed a lower high on 10 May and has continued declining since, suggesting declining positive buying momentum. OBV is more or less flat.

On a positive note, the volume has been rather low in the last four sessions which means an absence of heavy selling.  If price does move higher towards the declining 20dMA at $4.00, I would very likely sell more.  If it moves to retest the recent low, I would wait to see if a higher or lower low is formed before deciding on a course of action.


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