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SPH hit a new high of $4.20 early in the morning of the last session and closed at $4.13, up three cents from the previous session. Volume almost quadrupled from the previous session and this has corrected the negative divergence I have blogged about recently.
The MACD is once again pulling away upwards from the signal line in positive territory. The MFI is rising after forming a higher low, suggesting that demand is healthy. OBV turned sharply upwards, indicating ongoing accumulation.
Immediate support is resistance turned support at $4.08. Immediate resistance is at $4.20, the new high.
Related post:
SPH: Rising on low volume.
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