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SPH: Rising on low volume.

Thursday, July 29, 2010

Price broke out of the many times tested resistance of $4.08 today to close at $4.10.  However, the relatively low volume suggests that the price rose due to a lack of sellers and not because of an abundance of buyers.  So, it throws up the question of sustainability.

The fact that there is continuing accumulation is not in doubt.  The rising OBV confirms this.  The MFI has recaptured its uptrend support, it would seem, and this suggests a return of demand.

Lacklustre volume not withstanding, price could possibly rise further to retest $4.17 without a significant expansion in volume if selling pressure remains absent. Such a rise in price would, however, be very fragile.


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