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SPH: Retesting resistance.

Wednesday, July 28, 2010

SPH closed at $4.08 today, retesting the resistance identified some time back. This is the third time it has hit $4.08 since 16 July. Could it overcome this resistance soon?




Note the falling volume as price tried to move higher.  The MFI has also broken down from its uptrend. Demand is flagging. OBV, however, is rising somewhat after a brief decline, suggesting renewed accumulation but the gradient is gentler now and one could even say it's flat as it is more or less the same level now as it was on 16 July. What am I trying to say? The technicals are relatively weaker now.

However, the 20dMA is still rising strongly and if price manages to stay above the 20dMA in the near term, SPH could be doing a correction using time and the 20dMA could push the price past $4.08 eventually.  Keep an eye on the OBV.  If it stays flat while the MFI declines, it would mean a lack of distribution and this might prevent price from sinking too much even as demand weakens.

Immediate support is at $3.98.  This is where we find the rising 20dMA and it is also a natural candlestick support level.  Good luck to fellow shareholders.

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