SPH: Moving up for real?

SPH has a nice white candle day with the rising 100dMA seemingly giving it a bit of a push. This prevented the MACD from completing a bearish crossover. However, putting on 7c to close at $3.69, a many times tested candlestick resistance and support level, on relatively low volume is not very convincing. As the MFI shows, the buying momentum has been rangebound between 13% and 50% for more than two months now and has been steadily forming lower highs since August 2009. OBV still shows a downward trend that is levelling off with no significant increase in accumulation activity per se. Unless there is a meaningful increase in volume together with a move up in price, SPH is unlikely to break out of resistance.

The rising 20wMA provides immediate support at S$3.62. While breaking the resistance provided by the declining 200wMA at $3.80 gives SPH an eventual target of $4.00 which was a strong support level that gave way decisively in July 2008, a break below $3.62 would see more downside.SPH: A chance to accumulate?