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SPH has delivered another pleasant surprise today. Volume expanded and its share price closed at $3.88. My overnight sell queues at $3.82 and $3.88 were both done today and made me some pocket money.
617 lots were bought up at $3.88 at 5.05pm, up 4c from $3.84 when the market closed at 5pm. Some people were really keen to lay their hands on some SPH shares today.
We have two white candles in a row and they are without any top wicks. Bullish. Volume, however, is not too impressive. MFI rose and has peeked above 50%. OBV is rising gently. The MACD is pulling away upwards from the signal line and if the price continues rising, it would cross into positive territory soon.
I suggested yesterday that "It is interesting to note that we might have seen the formation of a mini double bottom for SPH. Using $3.68 as the trough and $3.79 as the neckline does give us $3.88 as a target." In such a case, after meeting the target, what happens next? Using Fibo lines, we see $3.94 (123.6%) as the next resistance to watch. If that goes, it would be $3.97 (138.2%).
However, the rather weak volume still bugs me and in the event of a correction, it remains to be seen if the 100dMA, now at $3.82, would serve as support. The upturning 20dMA has merged with the rising 200dMA and should provide a stronger support if tested. This is at $3.74 now.
Related post:
SPH: A pleasant surprise.
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