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SoundGlobal: Rising 14.1% in a day!

Thursday, May 31, 2012

I am having some difficulties uploading charts this evening. Don't know why. So, you would have to search out the chart for SoundGlobal if you want to look at it.



SoundGlobal's share price went up 7c (14.1%) today to close at 56.5c. The long white candle started the day at 50c which is where we find the 20dMA. It dipped below this MA and touched a low of 48.5c before rocketing to a high of 56.5c where it closed, breaching resistance provided by the 50d and 200d MAs in a single session.

Momentum oscillators like the MACD and MFI are rising strongly. OBV has formed a higher low which suggests that there is accumulation ongoing. The bulls seem to have returned to the stock.

I bought more shares of SoundGlobal on 22 May at 46.5c as price opened at 46c which was higher than the closing price of 45c in the preceding session which formed a long legged doji after touching a low of 44.5c.

A long legged doji is usually a sign that things could be reversing but the signal needs confirmation the following day. In this case, the signal was confirmed and, hence, my purchase. The purchase helped to average down my initial long position which was entered at 59c a share.

I would like to see volume expanding in the next session if price were to push any higher in order to have a more convincing case to be bullish. In the meantime, it is quite clear that the downtrend that started on 15 February 2012 when the share price hit a high of 68c has been broken. Things are looking up for SoundGlobal's share price, it would seem.

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