Although it formed a black candle, SPH is still trading above the eventual target price of $3.88 I set for the mini double bottom formed in May/June earlier. It is also trading above a cluster of MAs which should now provide some support instead of resistance. The next target is $4.08 if the mini double bottom is a valid pattern.
My plan? If price drops to the cluster of MAs, approximating the trendline support, buy some. If price goes higher and hits the $4.08 target, sell some.
Friday, 09 July 2010
Related post:
Charts in brief: 5 Jul 10.