Disclaimer

Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Sunday, May 25, 2008

SPC 230508

After its dramatic rise and fall in apr, SPC has more or less, been trading within the downtrend channel (red) and between the 7.20 support (blue --) and 7.37 resistance (green --).

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Today, we saw SPC trading above the downtrend resistance (upp pink, upp red), and testing the 7.37 resistance (green --). However, there wasn't enough buying momentum and SPC closed right on the downtrend resistance (upp pink).

If SPC opens above the downtrend resistance (upp red) on monday, there's a good chance we might see it testing the 7.37 resistance again.

However, if SPC opens below the downtrend resistance (upp red), we could see it trading sideways again, just like it was doing since 29 apr.

For monday :

Support @ 7.23 (upp pink), 7.20 (blue --), 7.17 (low blue), 7.11 (low red)
Resistance @ 7.29 (upp red), 7.37 (green --), 7.47 (upp blue)

Good Luck !!
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