SPC 300508

SPC continued the downtrend when it started the week below the 7.20 support (blue --) and the long term downtrend support (mid red). We even saw SPC breaking the 6.95 support (light blue --) momentarily on 28 may, before closing 1 bid above it.

There was a small hope of a rebound on 29 may when it broke the uptrend resistance (upp blue) and tested the long term downtrend resistance (mid red). However, the selling resumed the next day, accompanied by an even bigger volume, finally pushing SPC below the 6.95 support (light blue --) and closing right on the uptrend support (low blue).

The next support for SPC, based on volume distribution, looks to be around the 6.80 level. Which is also near where the 2 downtrend support meet (low pink, low red). If the 6.80 support breaks, the next support, based on volume distribution, looks to be around the 6.70 level.



For monday :

Support @ 6.90, 6.81 (low red, low pink), 6.70
Resistance @ 6.92 (low blue), 6.95 (light blue --), 7.103 (upp blue), 7.128 (upp pink), 7.14 (mid red)

Good Luck !!